I mean, it is. Tolkien has repeatedly stated that Middle Earth is our Earth, just before recorded history.
The focus of his stories is suggestive of Europe, particularly the north-west of the Old World, with the environs of the Shire reminiscent of England, but, more specifically, the West Midlands, with Hobbiton at the same latitude as Oxford.
Also literally's original usage was the same as what figuratively is now. If that's what you're inanely bitching about. It's even described as such in dictionaries, albeit as the informal usage of the word. So see that high horse you're riding? Maybe consider dismounting.