Zoom is a remote work product. Zoom says there's a lot of remote issues. That says to me that there is an opportunity to dogfood their own product development. Just going back to the office is a huge waste of potential.
I would characterize it more as a bet that didn’t pay off. In 2020 it was a no-brainer to bet on substantially more remote work, and Zoom was one of the best-positioned to make that bet. In 2023 that bet looks way lower in EV. They still have upside potential but I don’t think anyone realistically expects that the F500 are going full or even majority remote anymore.
Even with hindsight it seems a good bet, I don’t think they incorrectly evaluated the information they had or could have been expected to have.
Remote work is a relatively new market that Zoom accidentally fell into. However, they don't seem to have the leadership to capitalize on that early lead and they'll eventually become irrelevant as other companies build video conferencing as a mere feature of a bigger remote work platform.
That said, you could make the same argument about Dropbox and they are still around.