Apparently the watermark feature is only available to people who pay for Zoom. Can you get some transcripts of a watermarked conversation for download here, so we can look for the watermark? I bet it's some chirp that isn't even inaudible except to people who just ignore sounds out of the "normal" range -- Zoom wants it to be transmitted when recording from another device, and so far as I know computer equipment isn't that good at producing high-pitched sound, so they can't put the pitch all that high.
If we can hear the chirp, we can start randomly adding these watermarks to other sound files. Donald Trump leaked it. I don't think that will fool anyone but it ought to annoy them a little.
Wouldn't be surprised at all though if the watermarks we see or hear are not the only ones. By putting an obvious banner across the page, they "watermark" the video and they can tell you it's watermarked, but is it watermarked by one of the more effective stegano schemes published decades ago?