Client-side includes are bad. The industry avoids them, for good reasons.
First, they hurt performance. The client can't start downloading a zjs-component content until its connectedCallback runs. If a zjs-component includes another zjs-component, the client can't start downloading the nested component until its parent component downloads and executes. If your components are nested at N layers, this means that the page won't finish loading until N serial non-parallelizable requests succeed. On cellular networks, where network latency can be measured in seconds, if you have four layers of components, you're looking at adding 10+ seconds to page load.
Second, each client-side include will cause a layout shift, as the <zjs-component> element starts out at 0px tall, and then will change in height as the component loads. This is bad. https://web.dev/articles/cls
Finally, in your article, you claim that reactivity is "out of scope for a component creation mechanism," but there is no universally recognized "scope" for component creation. You'd need to justify the claim that reactivity is out of scope.
If you think reactivity matters at all, then you'd need to demonstrate how to use client-side includes in the context of a framework that does provide reactivity.
HTMX is a lightweight framework that provides a reactivity framework around client-side includes. https://htmx.org/ You might especially appreciate the academic theoretical framework the HTMX team provides in their book, Hypermedia Systems. https://hypermedia.systems/
HTMX is pretty good for what it does; it's not clear that anyone should prefer ZJS over HTMX for anything. But it's also not clear that HTMX is better than more frameworky alternatives, especially React Server Components.
Dan Abramov has written a series of articles explaining the theoretical framework behind RSC. Here's one that's relevant to you. https://overreacted.io/one-roundtrip-per-navigation/