The simplest way to explain f'm for masonry is that mortar is the weak link in a masonry assembly, and a combination of unit strength and mortar strength provide a strength higher than the weakest material. Each material provides some strength to the assembly, not just one material. There are charts in the TMS 602 Specification (previously ACI 530) that show the relationship. BTW, the old default of 1500 psi is gone with the 2013 version of TMS 402/602 and is now 2,000 psi. As Aesur mentions NCMA TEK talks about this.
One additional point is that TMS 602 doesn't differentiate between Type M and Type S mortar even though their material strengths are different. A whole bunch of tests showed that their use in a masonry assembly showed they provide the same strength to the assembly. A little confusing, but that's what the data showed.