This binary file contains device identification information
So if that is the case, isn't there documentation for this device that describes how to interpret the binary information? Or something from the operating system that documents how information for such devices is written in their device description files?

The stuff you see when you ask QDebug to print the byte array is the best QDebug can do to translate each byte into a human-readable string. Some of the bytes map onto ASCII characters, like the "Z" at the start. Others cannot be mapped to a printable ASCII character, so QDebug writes them in a hexadecimal form: "\x00" is a byte with the value 0, "\xFF" is a byte with the value 255, for example.

Some of the information in your file that is shown as longer lengths of continuous ASCII characters are probably the name or id for the device, but without a description of what the binary file is supposed to contain, it is impossible to interpret it.