It exists, but I think guys blow it out of proportion. If you are interested in a girl and never let her know, that is on you. If you are interested in a girl, let her know and she says she is not interested in you in that way and you stick around only because you think you can change her mind, that is also on you. Be her friend, but look elsewhere for romance.
The only form of "friend zone" that is actually on the girl is those rare females who know fully well that a guy liked them and strings them along for the attention knowing full well she will never go any further.
Just man the hell up and tell her how you feel. She may reject you, but it is better then not knowing. I speak from experience. I had a huge crush on this girl I was friends with and finally told her and got shot down. Sure, it sucked for awhile and was hard to be around her but I got over it eventually. I was able to stay good friends with her but let go of my infatuation and was able to meet someone else who was interested in me.
p.s. female friends often have friends they are willing to set you up with.