There are three facts people are mostly in agreement on right now:
1. The game is not very developed and people are not very good at the game yet.
2. Zerg is more challenging to play and is less forgiving of major mistakes.
3. Zerg has been performing poorly at most levels of play, but most interestingly to us, the top level is included.
Now the story that Zerg is weak and underpowered is consistent with these observations.
I want to present an alternative story that is also consistent with these observations:
People are not good enough to play Zerg well, they do not have enough game knowledge and experience and micro -> the total package that's necessary to handle Zerg well enough for its power to be realized. This is also consistent with the observation that after almost every game people are very easily able to identify weaknesses and errors in the Zerg player's play, even at quite high level games.
I don't know much about very early Brood War (right after release), but it's my understanding that at some point early on people believed Terran was weak and Zerg/Protoss tended to win more? If this is a true observation, than it presents a case that could be similar, where it took longer for Terran play to develop (and Terran was/is generally thought of as a harder race to play, compared to Protoss in particular). At high levels of play and game development, though, we see (and saw after a little while too, notice the race distribution of the bonjwas) the power of Terrans.
Now is Zerg too hard comparatively/the other races too easy? Very possible and I'd say probable, we want new players to pick up Zerg too, so the player base grows evenly, and we see interesting games with all 3 races along the way. But there's not yet evidence to say they are weak. We just don't have the information. But if the players of SC2 were of BW Flash level of mechanics and were familiar with 12 years of strategy development in the game, do we know that Zerg would be the weakest? That there wouldn't be a Zerg bonjwa ruling?
Anyone have any good counter-arguments to that?