Coatings like epoxy and powder paint are great if they remain fully intact, but they can actually concentrate corrosion on spots that become damaged.
Simply being conductively connected to a piece of zinc protects the ferrous metal. That is why outboard motors have one or two anodes (zinc block) attached. It's also how burying zinc anodes along pipelines provides cathodic protection. Also note we're talking about hot dip galvanization, not electroplating.
http://www.surtech-ind.com/powder-coating-vs-galvanizing.html