Why is it not about Satan, although personified as the king of Babylon (and also the king of Tyre in Ezekiel 28)? Babylon in Scripture has a specific meaning associated with pagan idolatry (Mystery Babylon) , and Satan is the mastermind behind all idolatry and false religions. But the passage itself clearly speaks of Satan.
Was the king of Babylon ever in Heaven, and could he even ascend into Heaven above the angels (called stars) of God? Could the king of Babylon or any human king say "I will be like the most High"? Yet Lucifer is specifically told that he was cast out of Heaven because of this. And only a prominent angel -- a cherub in Heaven (as noted in Ezekiel 28) -- would show the pride and ambition shown below:
12How art thou fallen from heaven, O Lucifer, son of the morning! how art thou cut down to the ground, which didst weaken the nations! 13 For thou hast said in thine heart, I will ascend into heaven, I will exalt my throne above the stars of God: I will sit also upon the mount of the congregation, in the sides of the north: 14 I will ascend above the heights of the clouds; I will be like the most High. 15 Yet thou shalt be brought down to hell, to the sides of the pit.
Lucifer was probably the chief cherub in Heaven, and the job of the Cherubim was to guard the throne of God. Yet this evil-minded cherub literally wanted to displace God and sit on His throne. As a result he was cast out of Heaven with all his evil angels, and Hell (Gehenna, the Lake of Fire) was prepared specifically for the devil and his angels. And yet he is not through with that ambition, as we see in 2 Thessalonians 2. God will allow Satan through the Antichrist to claim to be God. But he will be cut down and cast into the Lake of Fire.