It's an example of Combinatory Logic. For another example check out SKI combinators. SKI is actually kind of close to this but using three combinators instead of one it's a bit simpler to understand (IMO).
Note that the I combinator is redundant since `I = SK`, so all we really need is `SK`. There are alternatives like Iota with a single combinator, but they're essentially an obfuscated mix of S and K; so it's usually clearer to stick with SK.
Note that the first two rules of this Tree Calculus are precisely those of K and S.
Oops, sorry; I got part way through writing I = S K K, but went off to another tab to double-check, and forgot to update that expression when I came back!
https://en.wikipedia.org/wiki/Combinatory_logic
https://en.wikipedia.org/wiki/SKI_combinator_calculus