Google is working on a new accessibility option for Chrome for Android.
The new Page Zoom feature is designed to work better than the hit and miss text scaling feature and should make it easier to see small text on your phone.
As can be seen from the gif the feature would live in the page information drop-down, though it may move somewhere else later. Crucially Chrome will remember your zoom level and automatically use it next time you visit the same page.
The feature is already available in Chrome Canary behind the following flag:
More information on the motivation for the change can be seen here.
via Leo Varela