Zip compression needs to be lossless to be even usable. A computer program, compressed with a lossy algorithm, would never work again. A book wouldn't be readable anymore.
The thing is - to perform lossy compression on a file, the computer needs to know and understand what it's compressing. The MP3 compression algorithm knows and understands it's working with sound and performs an analysis of the sound to determine which parts can be omitted without a percieved loss of quality. The same with JPEG. The algorithm knows it's working with an image and decides (it's a pretty complex thing) which parts can be made simpler and described in a simple way to save some space.
The ZIP algorithm doesn't know anything about your file, it just sees a bunch of ones and zeroes, therefore it can't decide which parts are OK to rewrite without a percieved loss of "quality" of your file.