The sensing capability of the pinching-antenna system (PASS) is analyzed from a Ziv-Zakai bound (ZZB) perspective, motivated by the sensing ambiguity arising from the multimodal observation model inherent to PASS. In comparison to other Bayesian sensing bounds, the ZZB provides a lower bound on the mean-squared error (MSE) across a broad range of signal-to-noise ratios (SNRs) and accounts for ambiguity in the likelihood functions. First, an observation model is developed for an uplink sensing scenario where a single sensing target transmits uplink pilots to a single-waveguide PASS receiver equipped with multiple pinching antennas (PAs). Building on this model, general ZZB expressions are derived for arbitrary prior distributions of the target's position, and are then specialized to the Gaussian and uniform cases. Second, the asymptotic ZZBs in low- and high-SNR regimes are characterized, and the relationship between the ZZBs and the conventional Bayesian Cramér-Rao bound (BCRB) is further studied by introducing the concept of an ambiguity function. Furthermore, to reduce the high computational complexity of direct evaluation of the ZZB, SNR-free and SNR-aware surrogate objective functions are proposed to facilitate ZZB-based optimization for enhancing sensing performance. Numerical results demonstrate that: i) Compared with the BCRB, the ZZB provides a tight sensing performance lower bound over a wide range of SNRs, ii) the ambiguity-awareness of the ZZB can address the multimodality-induced ambiguity in sensing, thereby yielding a reliable lower bound on the MSE, and iii) the proposed surrogate objective functions enable effective ZZB minimization with a lower computational complexity.