[guided]The point of using the map
\begin{align*}
x \longmapsto [1:f_1(x):\cdots:f_m(x)]
\end{align*}
is that the original generators can be recovered from projective coordinates. Let $T_0,\dots,T_m$ be the homogeneous coordinates on $\mathbb{P}^m_{\mathbb{C}}$. Let $\mathbb{A}^1_{\mathbb{C}}$ denote the affine line over $\mathbb{C}$. On the affine chart $\{T_0 \neq 0\}$, define rational coordinate functions by
\begin{align*}
u_i := \frac{T_i}{T_0}\bigg|_Z
\end{align*}
for $i \in \{1,\dots,m\}$. These are rational functions on $Z$, meaning
\begin{align*}
u_i \in \mathbb{C}(Z).
\end{align*}
By the defining formula for $F$, their pullbacks are exactly the chosen meromorphic functions:
\begin{align*}
F^*(u_i)=f_i.
\end{align*}
Because $F: X \dashrightarrow Z$ is dominant, a rational function on $Z$ that pulls back to zero on $X$ must vanish on a Zariski [dense subset](/page/Dense%20Subset) of $Z$, hence must be the zero rational function. Therefore the pullback map
\begin{align*}
F^*: \mathbb{C}(Z) \longrightarrow \mathbb{C}(X)
\end{align*}
is injective.
We now identify its image. Since the image contains every $f_i$, it contains the field generated by them:
\begin{align*}
\mathbb{C}(f_1,\dots,f_m) \subset F^*\mathbb{C}(Z).
\end{align*}
For the reverse inclusion, every rational function on the projective subvariety $Z \subset \mathbb{P}^m_{\mathbb{C}}$ is locally represented by a quotient of homogeneous polynomials in the coordinates $T_0,\dots,T_m$ of the same degree. On the affine chart $T_0 \neq 0$, this quotient is a rational expression in
\begin{align*}
\frac{T_1}{T_0},\dots,\frac{T_m}{T_0}.
\end{align*}
Pulling back by $F$ replaces these coordinate functions by
\begin{align*}
f_1,\dots,f_m.
\end{align*}
Hence every element of $F^*\mathbb{C}(Z)$ lies in $\mathbb{C}(f_1,\dots,f_m)$. Therefore
\begin{align*}
F^*\mathbb{C}(Z)=\mathbb{C}(f_1,\dots,f_m)=\mathbb{C}(X).
\end{align*}
So the pullback identifies $\mathbb{C}(Z)$ with $\mathbb{C}(X)$.[/guided]