I think so. Or more generally, DEFLATE family of algorithms used by zlib and 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.
I'm well aware of the Ziv, Lempel & Welch's work, since I've developed a compression algorithm [*] and did extensive research on the family before, however the usage of extension is a rather new information for me.
On the other side, official repository of zstd [0] lists zlib and other libraries which use DEFLATE in one way other, pointing back to Ziv's ZIP at the same time.
At the end of the day, it might be tipping its hat directly to "ZIP" per se, but to general direction of DEFLATE which is used by ZIP format too.
[*]: The algorithm I developed was working on syllables rather than bytes. It had a deterministic and fast hyphenation engine for the language, and used embedded dictionary to minimize bit-flip damage during transit. I have paper published from it, and still planning to re-implement and open it, since the PoC was beyond bad from a code quality perspective.