The experiment was more or less continued when Rome, the creator of babels new company - spun out from fb and took on a pretty large amount of funding. There is questions on wether or not that is working though.
It's also worth noting that the founder of Rome left the Babel project a long time ago and was not involved in this 2021 fundraising post.
It is also worth noting that Babel diverged a lot from his original vision, which is much closer to what he's doing with Rome: