@Antonis, this is another problem, reported here:
Zoom is broken when using the new Rotate View tool
http://illustrator.uservoice.com/forums/601447/suggestions/44242872

I’ve added you as a voter there.

Yes, the team is monitoring this forum.

I had the same problem today and just figured out why it happens.

I have rotated my artboard using the hand tool (Shift + H).
When you do so, cursor moves the items in the wrong direction (technically correct, since now the view is "rotated") and the Zoom to Mouse pointer also gets screwed because of the same issue.

The Zoom function at least should be fixed as one cannot work like that.

Is Adobe listening?

I still have the issue described by Tom. I tried latest Illustrator and Illustrator Beta. The zoom function is very difficult to use. Its basically useless. In beta when I use the mouse wheel, it zooms is so close that everything disappears (although mouse wheel increments are set correctly in Windows Mouse settings).

Why can we not simply select with a marquee like we used to be able to do it? Why was that scrubbed? Because of patent issues or simply whim?

Please bring it back. CTRL-Spacebar is just not the same.

I really dislike the whole zoom experience in Illustrator. Drives me nuts.

This is obviously a generic issue, and it's been neglected by Adobe for too long. Ashutosh, you probably can't reproduce because you don't zoom enough, or similar, unless the issue is being avoided again like customer service has been doing earlier for quite a while. This is a major issue, which I've experienced on different Macs, even after clean installs of OS and CC.

Illustrator can zoom 64000%, and don't manage to zoom directly on the cursor. It just jumps around like drunk pixels when getting in close.

Just tested Affinity Designer on the same computer. It has a 1 000 000% zoom, and hits the cursor on spot even far beyond the 64000% limit as Illustrator has.

Still not fixed as of version 24. I'm having the same issue! Very annoying as I use this feature all the time!

Me too! ALT + Mouse Wheel flies me away from the details I'm working on. This is impossible!

I think the bug is finally fixed in the latest Illustrator version (23.0.3).

I was going to contact Adobe support channels as suggested by Ashutosh Chaturvedi, but decided to upgrade to the newest version before contacting. My previous Illustrator version was 22.x.x (2018) which still had this problem of zooming to a fixed location (not to the mouse location). Now that I have the latest Illustrator version 23.0.3 (2019), the bug is fixed! I don't have this issue anymore.

This is so annoying I don't know where to start.. Adobe, please fix!!!!!

PLEASE FIX THIS!!!!!!! I use this all the time and it is totally inconvenient that when I am working and zoom it goes to a completely different location on the page?!?!?!!?!!

This has been a huge annoyance since a couple updates ago. Please fix it.

Shoutout to Harun Alikadić below for providing a workaround (Thanks bud!)

Getting the same random zoom bug with the trackpad on my MacBook Pro. I use the pinch to zoom with my left hand while working in illustrator and my right hand on the mouse all the time. In the current build, this doesn't work because the pinch to zoom just jumps all over the place. Definitely something that's broken my workflow. I've been too busy to rollback, but this is a big enough one to warrant that. Hopefully they can get this fixed soon to save me the hassle...

I think this is a bug that needs to be fixed. Try this: click on keyboard (any key, like Alt or Cmd key or even letters) and then try to pinch zoom - now it will zoom in direction of your mouse pointer. It seems that the pointer position needs to be "refreshed". It's important that you disable Zoom to selection option in Preferences.

Please, I miss this.