You're right, I checked and Zoom does have offices in Paris and Amsterdam.
I suppose then they have the choice of doing Google's playbook in China and just close their EU offices if they wanted, instead of complying. I mean, China wanting censorship and EU wanting GDPR aren't any different. Without arguing for or against either, China's censorship and GDPR are both local laws and foreign-based companies with no local offices don't need to comply. Foreign companies may be blocked, that's all.
Not that I'm advocating for Zoom violating privacy, but I'm not in support of EU unilaterally setting rules for the world or their right to police EU laws outside their borders. They should set up a GFW if they don't like certain things being sent into their country borders over the web, but they can't tell me what to do if I haven't set foot in their jurisdiction. (Neither can Iran, Russia, or North Korea, so why does EU get a pass to police you? If Kim Jong Un sent you a fine for $1 million would you pay it?)