@Davidmk I suspect you are pretty much bang on with all you say.
I don't think Vari-Lite are interested in the console business, or any of Zero88's products. I think Zero88 was just a tiny operation that came along with their bigger purchase of Signify (or whatever transient companies bought the stable that included Zero88 on the way). Zero88's Cwmbran manufacturing operation is (/was, if it still exists) pretty much over to subcontract electronics build. They'll make a few Zero88 product batches as and when demand requires it. I suspect that will dwindle and drop off as demand drops and the lack of successor products means the Zero88 brand disappears.
This forum will be funded until someone high up in VL realises they are spending money on it and/or the traffic drops off to a level they think there is no need for it any more. We've probably missed the boat but it would be desirable to get the schematics, Bills-of-Materials and if possible software source code out of the remaining Z88 databases and into the "public" domain before VL type "rm -rf /*" on it all and forget it ever existed. The software source code might be tricky as it might contain sub-licensed IP such that it doesn't have a GPL type license, I don't know, this is not my area.
I've not heard anything about any new products with the Z88 brand and there is no evidence to date on the beta forum of ZerOS development work post 8.0 (although JonH did suggest there was an ongoing development plan on his leaving speech). But I don't think there is "anyone" left from Z88 to do this. I think Simon, the key software guy, was probably a sub-contractor [I could be wrong], so will have moved on to other ventures to keep paying his mortgage. If he is about, he's been very quiet and hasn't posted on here at all to say "don't panic guys, we're still here (just)".
Time will tell. But I'm not holding my breath.