Is zstd actually an homage to zip?
I'm not saying that it definitely isn't, but the only connection I know of myself is that they both begin with the letter Z, and the letter Z has a long association with data compression that goes back before the zip format / pkzip program.
The LZ77, LZ78[1], and LZW[2] algorithms all predate the zip format. As do two very old, obsolete Unix compression programs: "pack"[3], which is uses a ".z" suffix for compressed files, and "compress"[4], which uses a ".Z" suffix for compressed files.
In those algorithm names, the L and Z stand for Lempel and Ziv, respectively. But interestingly, the Unix "pack" program uses a ".z" suffix even though its algorithm is just Huffman (not one of the Lempel-Ziv family of algorithms), so the letter Z somehow came to signify data compression more generally.
Rough timeline of letter Z in data compression:
1977: LZ77
1978: LZ78
1982 or earlier: Unix "pack" (.z)
1984: LZW
1985: Unix "compress" (.Z)
1989: PKZIP
---
[1] https://en.wikipedia.org/wiki/LZ77_and_LZ78
[2] https://en.wikipedia.org/wiki/Lempel-Ziv-Welch