The implicit assumption is that if the conveyor belt's speed backward exactly counteracts the airplane's "speed" (whatever that means) forward, the plane remains stationary relative to the earth and, more importantly, to the air. (We assume the winds are calm.) With no wind moving past its wings, the plane generates no lift and can't take off.
But the assumption is false. While the conveyor does exert some modest backward force on the plane, that force is easily overcome by the thrust of the engines pulling the plane ahead. The plane moves forward at roughly its usual speed relative to the ground and air, generates lift, and takes off. Many people have a hard time grasping this (although it can be easily demonstrated in the lab), but eventually they do, smack their foreheads, and move on.