I found what seems like a bug with the Ruby extension or something further upstream. When a project is in a path that contains spaces (like /Volumes/Foo Bar Drive/project), Zed ignores the .rubocop.yml config.
If I rename the drive to remove the space, Rubocop picks up the config and everything works fine. Add the space back and it breaks again.
Pretty sure this is a path parsing issue?
(Workaround: Just don't use spaces in your path for now.)