Correct me if I’m wrong but I think this is an accurate summary of the arguements:
Argument 1 for Zionism- Having a Jewish run government in Eretz Yisroel is the beginning of the final geulah.
Argument 2 for Zionism- Since the founding of the medinah, there is been more Jews and Torah in Eretz Yisroel since around the destruction of the 2nd Beis Mikdash and we owe the medinah our hakaras hatov and support.
Argument 1 against Zionism- It is assur to have a Jewish run government in Eretz Yisroel until Mashiach comes. We are in golus and it is not our place to decide when it ends.
Argument 2 against Zionsim- Most of the government is not religious and some of the government is even anti religious. The government of Israel has an agenda to create a secular state in Israel and is prejudiced against Charedim and Frum Jews. We should not support such a government.