Either or is possible. Some think NYC right here in America.
Is Babylon the Vatican or Mecca?
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If the parts of the Bible that are meant to form the basis of beliefs in this life end up being seen so differently as to give rise to thousands of diverse interpretations then the field must be wide open for all sorts of whacky and divisive interpretations of the Book of Revelation which is full of symbolism concerning the end times.
What’s more the book openly states that it is a collection of visions by John. There is no full agreement on whether the visions were actually ever experienced by the author or whether he uses the idea of visions simply as a literary device.