Oh, yes it can. The license only changes what other people than the owner may do. It's the rights and conditions they give you.
For most projects that doesn't matter because there are several owners of the code base. Every single person who contributed can enforce these rights on their part. However, to contribute to Zed you have to sign a cla. Signing away all rights and ownership of your contribution. So they have all the rights and can do whatever they want.
They could close source everything tomorrow without any consequence and sell you a feature you made yourself.
Im sorry, but what integrity are we talking oft?