Excellent question! And a loaded question, because depending on who is using the term it can cover a LOT of ground.
Here is a fetish model, demonstrating a blackout blindfold for a BDSM catalog. Fairly modest, nothing too demanding.
She is also a fetish model. She’s in the middle of making a porn movie. This is the very beginning of the shoot – it will not be modest, it will be extremely demanding. By the end of it all she’s probably going to be exhausted and covered in lots of different fluids.
She’s a fetish model too. “PSO” or “Phone Sex Operators” are usually (though not always) required to share photos and/or videos of themselves along with trading sexy fantasies with their callers.
Let’s not leave out the boys – they’re fetish models too.
And they even have sub-categories for different parts of the anatomy. For example, there’s a HUGE demand for pretty feet in extreme heels.
I could go on, but hopefully you get the idea. “Fetish model” is a catch-all phrase that covers nearly anything in scene if a camera is involved.