While I haven't though enough on the issue to have much of an opinion on abolishing zoning completely, zoning seems like the wrong way of dealing with hazardous companies like that regardless. There is already an extensive permitting process and a mountain of regulation that you'd have to go through to open one of these companies, so why not enforce the safety perimeter through that?

It makes more sense to me to place the restrictions on the company/factory than the land itself, and building permits are already used by municipalities to negotiate location, etc.