Appending a passcode is little different than if they were to just use longer meeting numbers in the first place (but with sometimes-worse entropy e.g. when the user changes it to "123456"). So they bought a few more bits (evidently still not enough to beat the bad guys) at the price of extra user hassle.
If they were more aggressive on the server side, they could probably get away just fine with the smaller, more convenient links and wouldn't need to push users so hard to turn on "frictiony" features like waiting rooms.
Private links work great as long as the team providing them understands the tradeoffs and appropriately mitigates risks. Zoom isn't the first service to be brute-forced [1], and there are more subtle ways for links to leak [2] (e.g. I think someone's tax returns once wound up on Google after the secret Dropbox URL was passed in a referrer header).
[1] https://www.theregister.com/2011/05/08/file_hosting_sites_un...
[2] https://softwareengineering.stackexchange.com/a/325821/79139