My answer is likely more than you bargained for but if you’re curious, you’ll appreciate the effort I put into it.
A typical OP AMP has an open-loop gain of at least 100,000 (very high). Its output takes the difference of its inputs ( \$ V_{+} - V_{-} \$ ) and multiplies them by its gain \$ A_{v} \$. \$ V_{o} = A_{v} * ( V_{+} - V_{-} ) \$. Here, \$ V_{+} \$ = non-inverting input and \$ V_{-} \$ = inverting input. Assuming the op amp’s output is only a few volts, then the difference voltage at the input is 1/100,000 the output. This difference may be a few microvolts which when compared to \$ V_{o} \$ is much, much smaller (this difference voltage is for all intents and purposes approximately zero volts).
In a closed-loop configuration, such as this one, \$ V_{+} \$ is said to be virtually the same as \$ V_{-} \$. Since, \$ V_{+} = V_{set} \$ and because the input voltage difference is “zero”, \$ V_{-} = V_{set} \$. \$ V_{-} \$ is connected to the top of \$ R_{set} \$ and the emitter of the bipolar transistor, thus \$ V_{set} \$ also appears across \$ R_{set} \$. So, \$ V_{set} \$ controls the magnitude of Iset through \$ R_{set} \$ and, with the negative feedback arrangement of the circuit, the op amp delivers whatever base current is required by the transistor to maintain \$ V_{set} \$ at its emitter.
The transistor itself has gain (typical gain = \$ { I_{collector} \over I_{base} } > 40 \$ for a power transistor). Assume \$ I_{emitter} \sim I_{collector} \$.
Note that the base current delivered by the op amp comes from the op amp’s +V supply (not shown in the schematic) and not \$ V_{set} \$ which “sees” the very high impedance of the non-inverting input (\$ Z_{in} \$ to either (+) or (-) op amp inputs is very high, typically megaohms or higher). \$ V_{set} \$ need not have much drive capability because its load, the \$ V_{+} \$ input, demands essentially no significant current. If \$ V_{supply} \$ (above the collector resistor) varies or the collector resistor value varies, \$ I_{load} \$ remains unchanged providing \$ V_{supply} \$ and \$ R_{collector} \$ don’t go outside the circuit’s operating limits.
Consider what happens as \$ V_{supply} \$ decreases. Feedback will cause the op amp’s output to increase the transistor’s base current so it conducts more and lowers its \$ V_{CE} \$ to maintain the same voltage drop across \$ R_{collector} \$ to keep \$ I_{load} \$ constant. At some point, the transistor will be fully on (saturation is the best it can do with \$ V_{CE(on)} ~ 0.3V \$). A further decline in \$ V_{supply} \$ will result in a decreasing \$ I_{load} \$ despite the negative feedback. There is no longer enough \$ V_{supply} \$ voltage to keep \$ I_{load} \$ constant and the circuit no longer functions as intended. If \$ V_{supply} \$ increases, the op amp drives less base current into the transistor, which conducts less, raising its \$ V_{CE} \$, to maintain the same voltage drop across \$ R_{collector} \$ to keep \$ I_{load} \$ constant. A point will be reached that exceeds the transistor’s \$ V_{CE} \$ rating or its power rating (\$ I_{load} \$ may be constant but \$ V_{CE} \$ x \$ I_{load} \$ is increasing) and it will fail. What happens if \$ R_{collector} \$ varies when \$ V_{supply} \$ is within limits? If \$ R_{collector} \$ resistance increases, the op amp will make the transistor conduct more, decreasing its \$ V_{CE} \$, to increase the voltage drop across \$ R_{collector} \$ to keep \$ I_{load} \$ constant. Eventually the transistor is fully on (saturated) and as \$ R_{collector} \$ resistance rises further, \$ I_{load} \$ begins to decrease because the circuit cannot continue to increase the voltage drop across \$ R_{collector} \$ (\$ V_{supply} \$ voltage is not high enough to achieve this).
If \$ R_{collector} \$ resistance decreases toward zero, the op amp will lower base current and the transistor will conduct less to reduce the voltage drop across \$ R_{collector} \$ to maintain \$ I_{load} \$ constant and its \$ V_{CE} \$ will increase. The transistor will dissipate more power because it will have a greater voltage drop across it (\$ V_{supply} - V_{set} \$ if \$ R_{collector} = 0 ohm \$). If it cannot handle the higher power, it will fail. It may seem odd that a transistor conducting less dissipates more power but this is so because it’s operating within its active region where both Ic (normally constant) and \$ V_{CE} \$ are significant and their product (power dissipated by the transistor in the form of heat) is well above zero. A fully on (saturated) transistor operates with lower power dissipation because its \$ V_{CE(on)} \$ is very low for the same, constant current.
In conclusion, this circuit operates as a constant current sink but only within certain \$ V_{supply} \$, \$ R_{collector} \$ and transistor power limits. These operating limits must also be considered during design.