It is also possible to decompress it using standard shell-script + gzip, if you don't have, or want to use openssl or other tools.
The trick is to prepend the gzip magic number and compress method to the actual data from zlib.compress:

printf "\x1f\x8b\x08\x00\x00\x00\x00\x00" |cat - /tmp/data |gzip -dc >/tmp/out

Edits:
@d0sboots commented: For RAW Deflate data, you need to add 2 more null bytes:
→ "\x1f\x8b\x08\x00\x00\x00\x00\x00\x00\x00"

This Q on SO gives more information about this approach. An answer there suggests that there is also an 8 byte footer.

Users @Vitali-Kushner and @mark-bessey reported success even with truncated files, so a gzip footer does not seem strictly required.

@tobias-kienzler suggested this function for the bashrc:
zlibd() (printf "\x1f\x8b\x08\x00\x00\x00\x00\x00" | cat - "$@" | gzip -dc)

Looks like zlib compressed data, here's more info how to deflate it: https://unix.stackexchange.com/questions/22834/how-to-uncompress-zlib-data-in-unix