Not to nitpick, but there is a stereo aspect to it. The IR projector is offset laterally from the IR camera, and this is critical to evaluating the depth, because the disparity of the IR dots is more extreme the greater the distance between the emitter and the camera.
It is actually exactly stereo, except one of the cameras is replaced with an IR projector; you basically do the standard stereo math as though the projector is a camera 'seeing' the image that is being projected.