Hmm, that's odd. When I was in the US, fast food restaurants tended to have much larger cup sizes - with hard plastic rather than a paper cup in the large size, presumably for stability (like [1]). In that comparison image, the small would be an Australian medium, the medium a Large and a US large size only available at cinemas who have enormous cups.
There used to be. Now it's just S/M/L (plus a very small children's size) which are 16/21/32 oz.
This is also another pricing curiosity. Who buys a large when there are free refills? I guess I don't understand it, but I gave up drinking everything that is in a fountain many years ago. When I eat out I usually just don't drink anything except coffee or water.
[1] http://i.imgur.com/g8qLjAQ.jpg