Yes, Fallout is considered as a prime example of modern art in gaming...at least according to cracked.com. Here's what they had to say:
By drawing on the buttoned-down iconography of the 50’s and infusing it
with the paranoia and very real dangers of the Cold War era, the Fallout series presents a pastiche of an America that could have been. Traces of the boundless, wholesome optimism of the Leave it to Beaver
era barely obscure twisted, smoldering corpses of what may have once
been human. Monuments to our faith in the ability of science to “bring
us the convenience of the future, today!” dot a landscape made scarred,
barren, lifeless by that same overgrown technology. And all of it, set
to the uncomplicated music of bygone days, like vinyl ghost voices
blown on an irradiated wind.
While the author mainly refers to Fallout 3, it's still worth mentioning.