There are at least 4 ways to view endtime prophecy:
1. The atheist view that it is just a style of presentation of universal conflict between good and evil but has no connection with the real world.
2. The preterists view that it all has been fullfilled.
3. The know-it-all. It hasn't happened yet but we already know the full explanation of how it will unfold. (Includes JW's, Adventists, Born-Agains)
4. Open ended approach: It hasn't happened yet but we will know what it means when it happens.
The idea that Babylon the Great is a religious entity is a protestant idea. Most of the protestant reformers liked to say that the Catholic Church is Babylon the Great. JW's descend from that tradition only they extend that explanation to cover all religions except theirs.
This is a serious flaw in JW teaching. There is no basis for believing Babylon the Great is a religious entity.
The language of Revelation 18 makes no reference to religious features. The descriptors primarily refer to wealth and dominance of a political nature.
The language of Revelation also makes it impossible to apply Babylon the Great to the Watchtower organization. In what way could you say the scripture at Rev. 18:23 applies to JW's "Your traveling merchants were the top-ranking men of the earth".
If there is any fullfillment of the prophecies about Babylon the Great then the USA is the best candidate.
"The traveling merchants of the earth became rich due to the power of her shameless luxury" _ Rev. 18:3b
"The traveling merchants of the earth are weeping and mourning becasue there is no one to buy their full stock anymore" _ Rev 18:11
"Too bad, too bad the great city, in which all those having boats at sea became rich by reason of her costliness, because in one hour she has been devastated._ Rev. 18:19
USA is still the economic and military hegemon that has a kingdom over the whole earth.
The idea that Babylon the Great is a religious entity or a collective religious entity can't be supported in any way by the Bible.