According to http://www.vogons.org/viewtopic.php?p=423016#p423016 a 350MHz PII would've been enough for DVD, and that's 720x480@30fps; videoconferencing would more commonly use 320x240 or 352x288 which has 1/4 the pixels, and H261 or H263 instead as the codec.
Being able to Zoom call and see up to 16 live video feeds simultaneously is an amazing advance in technology.
I'm not familiar with Zoom as I don't use it, but it's very likely you're not actually receiving and decoding 16 separate video streams; instead a MCU or "mux box" is used to combine the streams from all the other participants into one stream, and they do it with dedicated hardware.
That said, video is one of the cases where increased computing power has actually yielded proportional returns.