This may be the case in many unimaginative, NLHE-only crowds, but what really sets the expectations are player tendencies and the amount of money in play. The best examples I've seen of this are games with no blinds.
I actually played a game one time where there were no blinds or antes and no max buy-in. No-limit betting structure. Everyone was expected to put down $100 to start, but we were free to add whatever we wanted. (And it all played in cash on the table.) Dealer's choice, new game every hand. It played like a small $1/$2 game, not just because of the amount of money, but because the players were simply conditioned through years of play to bet $5, $10, $15, $20 at a time instead of trying to bet near the size of the pot.
At another dealer's choice game I play once in a great while, we play a lot of flop games, but there are no blinds unless it's specifically NLHE. Again, everyone starts with $100, and it's no cap and no-limit betting (unless we're playing a 7/27 variant, in which case it's $1–5 spread limit). New game every hand, just like the first game. Instead of blinds, the dealer antes for everyone, which is usually $6 or $7. The money in the pot at the start of each hand is roughly the same as in a $2/$5 game, but it plays nowhere near that big. The effective stakes are again set by the tendencies and the risk tolerance of the players in the game.
I've found this to also be the case when there are blinds. They're not totally irrelevant, but they're only a portion of the deciding factors in how the game will play.