Yes. The process you want is called reverse geocoding: taking GPS coordinates and looking up a human-readable place name hierarchy.

You’d typically use software or a service that reads the photo’s geotag and returns location names such as neighborhood, city, region, and country, which can then be written as keywords or metadata.

Based on the answers provided, options include:

• reverse-geocoding software packages
• Lightroom 4, which was noted in the linked discussion as being able to do this
• a package called Skyjuice, which claims to offer this feature

So the right search term is reverse geocoding. Once you use a tool that supports it, you can generate descriptive location tags automatically from the embedded GPS data.