Sure, the term 'Zionazi' is intentionally provocative and intended to be slanderous.
However, there are extremely uncomfortable and disconcerting parallels between Nazi-ism and Zionism. To deny this is intellectually dishonest.
They both share a common thread in forming virulent nationalistic identities around racial or ethnic identity. Nazism did indeed result in genocide; one driven by the fanatical obsession in preserving and protecting a 'homeland' (or 'fatherland' as Nazi propaganda was fond of using) based on the Aryan identity and the belief that their cultural and ethnicity was a superior one that must be kept 'pure' and must have sole self-determination over their fatherland. Nazi-ism was also fueled by a persecution complex as well: Germany was made to pay a heavy price for losing WWI, and Germans obviously resented this. They wanted to break free of the reparations other imperialist countries were making them pay and reclaim their 'self-determination' over the fatherland. And yes, ultimately this led to a genocidal fervor and obsession of eliminating anyone they deemed not to fit into their rigid definition of nationalism defined along ethnic and cultural lines (not only Jews, but also homosexuals, communists, trade unionists, vagabonds, and other 'undesirables'). Nazi-ism (being a form of Fascism) also led to a militaristic culture and one obsessed with conquest
Zionism too is an ideology based on carving out a nation-state and national identity based on ethnic and religious identity and justified by past persecution. I don't think it is unreasonable that this same fundamental similarity could lead to the same risks and end results. There's no historical reason or precedent or law of nature that states that one movement motivated by a tribal identity along ethnic or religious lines can't or won't became just as fanatical and destructive as others.
That is the fear and there seems to be a growing risk of this playing out, with Israel's military operations apparently expanding in scope and ferocity, not subsiding.
Perhaps the term 'Zionazi' is inflammatory, but the parallels between Nazi-ism and Zionism cannot be denied. Indeed prominent Jews and even Holocaust survivors have come out in strong condemnation of this impulse to form a nationalistic identity and new country solely around a religious and ethnic identity.... just as many dissenting Germans opposed the Nazis motivations in doing the same.