Babylon is symptomatic of decadent, materialistic, hedonistic, and Godless cities and countries. Although the US is called that as such now, previously that dubious honour went to Rome.
The ancient city of Babylon is in what is now Baghdad in Iran. Because Saddam Hussein considered himself Nebuchadnezzar 2nd he was rebuilding it, and that work was stopped with the invasion of the country. However, it is prophesied that the ancient city of Babylon will be rebuilt.