Leroux: I'm suspecting the reason why it's the most popular one is the very same reason why I don't care much for it, namely that it's the most generic high fantasy setting that immediately feels familiar to everyone right from the start. And I just prefer to be surprised and explore more unusual settings that also feel more coherent than "here's a bunch of ragtag fantasy clichés for everyone coexisting next to one another". Yes, I'm biased, too. ;)
GrayHawk would have to be the most generic. Forgotten Realms likely got popular due to the excellent novels from Salvatore (the aforementioned Sojourner series starring Drizzt Do'urden) and several others written in the setting by a slew of authors. The Red Wizards of Thay is a pretty good book, by the by. Dragonlance was also pretty popular due to the excellent books by Weiss and Hickman. But they never made a large transition to computer gaming for reasons I can't fathom, unlike the Forgotten Realms. That one is the setting for most PC D&D games including BG, NWN, ID, Demon Stone, EotB, Menzoberranzan, the Pools Gold Box series, the newer Pool of Radiance, Hillsfar, and I'm sure others I have missed.