I wouldn't so much give it a name (Ie: Greyhawk), but it has that standard (as Vig put it - Tolkien-Howard) implied nature of fantasy. Elves, dragons, magic, middle age technology, etc. You guys call it 'setting' but I call it subgenre. Much like modern has urban arcana, straight modern, modern military, apoc - and the many sub-sub genres of apoc, future - and the many sub-sub genres of future, etc.
Fantasy - because it is not reality - gives the GM some lee way in involving characters in a given plot. A fantasy military adventure could pull the PCs in as mercs for the king, where a d20 modern military adventure doesn't allow the same freedom. We know the setting, and we know how things go, and mercs are not quite as prevalent in a modern setting (with the understanding that they do exist, but are not likely).
A fantasy adventure featuring a dragon is likely usable in 90% of fantasy campaigns, as dragons are a fantasy standard. A modern adventure featuring a dragon is NOT a modern standard, and are only usable in that certain arcana subgenre of modern.