I am using Zed 0.169.2 and it has installation as mentioned here: https://zed.dev/features#:~:text=To%20install%20the%20zed%20command%20line%20tool%2C%20select%20Zed%20%3E%20Install%20CLI%20from%20the%20application%20menu.%20Then%20you%20can%20type%20zed%20my%2Dpath%20on%20the%20command%20line%20to%20open%20a%20directory%20or%20file%20in%20Zed.%20To%20use%20Zed%20as%20your%20%24EDITOR%20to%20edit%20Git%20commits%20etc%2C%20add%20export%20EDITOR%3D%22zed%20%2D%2Dwait%22%20to%20your%20shell%20profile.

CLI installation script actually does the symlink to cli:
zed -> /Applications/Zed.app/Contents/MacOS/cli

so, run from terminal using the cli symlink will be much correct.