I was having the same problem as everyone else and wanted to give a more through report:
When I watch 2d content in the Cinema environment, zoom does not work at all. When I chose any of the other environments like the void or the moon, squeezing the grip button and pressing up/down on the control stick zooms correctly. Pressing up/down on the control stick on either the left or right controller does change the volume level.
When watching any 3d content, zoom does not work at all. Squeezing the grip and pressing up/down on the control stick with either the left or right quest controller does not work. Pressing up/down on the either the left or right control stick does adjust the volume up and down.
It is my opinion that the controls should be changed. I believe that up/down on the control stick should effect zoom. If you want to adjust volume, then the grip + up/down on the control stick should be the default control for volume changes. I would guess that most people expect the control stick to zoom in/out instead of effecting volume.
I am also of the opinion that zoom should be the same in all 2d environments except the cinema. I think the default environment should be the void where fluid zoom is expected. If someone chooses cinema, then a popup with directions should come up like you do now but instead of fluid zoom like you have in the void, the zoom should snap to the 3 positions that you have in the cinema ie. front, middle, and back.
I am running the v1.1.0 SMB+DLNA Testing version at this time on a Quest 2 according to the Oculus website.
Let me know if you need any further information.