The .zip file itself often contains an executable (.exe) or a script masquerading as a text file. Running these will compromise your own computer.
These are compiled from multiple historical data breaches and sold or shared in the criminal underground for brute-force attacks.
Some of these lists are monitored by security researchers or law enforcement to track individuals attempting to engage in credential stuffing. How to Protect Yourself
Downloading files labeled as "517K PRIVATE COMBOLIST EMAILPASS zip" is extremely dangerous and typically serves as a delivery mechanism for malware or a scam. Direct Warning
Two-factor authentication is the most effective defense; even if a hacker has your password from a combolist, they cannot enter your account without the second factor.