This is a basic address field solution developed for Drupal 8 based on http://schema.org/PostalAddress.
There is a much older and bigger project https://www.drupal.org/project/addressfield which is part of Drupal Commerce. It does other things and from https://drupalcommerce.org/blog/16864/commerce-2x-stories-addressing it'll probably do more in D8.
The simpleaddress field module is designed to to one thing and do it well i.e. provide a simple address field.