I think the idea is that you'll either use a screen reader or use the system zoom tool. Not defending it, but I can see the logic they used.
The excuse I always hear about disabling zoom has to do with the multi-touch delay. I can somewhat see the sense of that for very particular applications, but definitely not for AMP, which as I understand it is meant for mostly static content (I'm only assuming though).
More often than not, what I find is that if I override zoom disable and then browser zoom on a site that doesn't allow it usually, it ends up breaking the layout as you zoom. This makes me wonder if they're just disabling zoom because they can't be bothered fixing their CSS to deal with it.