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All the Z4's except the M have the electronic power steering, but it can't make the steering loose. The drive unit is under the dash and it's a motor that drives a gear on the steering column so all it can do is provide boost or drag.
At 80K miles you're likely due for front control arm bushings or possibly control arms and bushings. The lower ball joints are part of the control arm assembly and when they get a bit of wear along with worn bushings you can definitely get a bit of a loose feel at highway speed and you might even start to get some tramlining.
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