The $600 reporting threshold has always been there (though I agree, it should be retroactively pinned to CPI from when it was introduced). Most banks through Zelle previously would automatically submit all transaction history to the IRS anyways; After all, the IRS can absolutely track how much money is entering/leaving your account on a given month, which is how they’d flag you for an audit if things don’t add up to what you reported.

The only real “change” was that now Venmo/Cash App will be required to, too— and even that got delayed.