Note that that is the reason why Thrones is revitalizing fantasy. Because it is based strongly in realism. Yes there are aspects of magic, but any TV requires suspension of disbelief. Are you going to discount Sci-Fi for the fact that it's not realism as well?
And more specifically, Thrones is very much based in actual events. Most of the show is based on the Wars of the Roses, a dynastic war that took place in England. What I find so interesting about Thrones is the way that it takes real events and puts a new spin on them, or amalgamates real events and cultures to create something interesting.
Most importantly, I don't think that art is about telling things that happen. To me, the great thing about watching movies or reading books or watching TV is that they show the human experience. That is the reason why I love Thrones so much, because the characters are so human. It's also what made Breaking Bad so great. All of the characters are grey, there's no pure good or evil, and people respond to situations they are faced with in very human ways. It's about understanding what it means to be human.