Except, as I understand it, the collaboration features were one of the primary things they wanted to do with Zed. So this isn't a case of bloat. The first blog post on the site is "How CRDTs make multiplayer text editing part of Zed's DNA".
I always wondered are people really doing this collaboration stuff. I tried it at the start of the lock downs era. But i quickly found it annoying, but maybe its because the implementation was just bad back then.
I'm still happy with vim/nvim as daily work tools (also currently exploring kakoune and helix... because why not).
Think of vim/nvim setup as a one time process: a bit complicated, but once done then you are ready to go. Of course, I use text editors for... code editing. No need to turn it into an IDE or mail client or whatever.
Thank god we still have vim and Emacs.