After some research, I believe the original use of the term was from Michael Moorcock describing "The Lord of the Rings". IMHO Moorcock pretty much he did mean "those bad Tories are sneaking into my fantasy literature field". AKA, Complaining About Works Whose Political Subtexts I Disagree With. Though yes, LOTR really does have some Tory political subtext in it, especially in "The Scouring of the Shire".
Well, Moorcock also complained about Tolkein's florid writing style. Pot, kettle, black IMHO. :)
Even by *that* definition, the given examples were pretty broad. (Is the existence of obstructive bureaucrats really in itself a reactionary fantasy? Or not being as far left as The Clash?)
PS Why is there a term for "Reactionary Fantasy" and not for "Radical Fantasy"? The latter certainly exists. EG, "His Dark Materials".