The futuristic city with flying cars at the beginning of the movie definitely has all the cyberpunk visuals, and technically Zorg is the head of an evil corporation. But the real villain of the movie is incoming force of evil/darkness. And the plot is resolved through the power of love. Even the President of Earth is actively trying to help do the right thing and save the planet.
While there are some great cyberpunk visuals at the beginning of the movie, I don't know if the themes are there to call this cyberpunk. What do you think? Would you consider The Fifth Element to be cyberpunk?
I'd say it's more of a fantasy story in a cyberpunk setting. There are cyberpunk elements, but I don't really think the story itself is exploring any of the anti-capitalist or transhumanist themes of cyberpunk, just using them as a background.