This isn’t what E2E means for communication software. E2E means only the participants have the keys. Signal is a good example of this, the message is encrypted from the sender to the receiver and Signal themselves cannot decrypt it.
Separately, most Zoom meetings are not E2EE. That’s why features like live transcription work.
Only the participants do have the keys. You, the other people on the meeting, the company running Zoom, at least one government. It's still usefully encrypted to stop (at least some) other companies/countries benefiting from the information.
I think zoom probably have a defence against the fraud accusation that no reasonable person would believe end to end encrypted meant zoom doesn't have the data as that's the whole point of the service existing.
Zoom has not committed any fraud. They clearly state that by default their meetings are encrypted, but not end to end encrypted. And that you can turn on end to end encryption, but that it causes a bunch of features to be disabled. I think this is a great balance between being able to add features that are impossible with E2EE, but allowing privacy concious users to choose if they need stronger encryption.
Separately, most Zoom meetings are not E2EE. That’s why features like live transcription work.