As a formerly obese person, I'd say it's both for me.
Prior to taking Mounjaro, I was pretty much constantly hungry when it was objectively incorrect to be - for example I had just eaten literally 30 mins prior. This was usually accompanied with stomach rumbling and the weird hungry rain stick noise in the back of the neck (I don't know what causes this but it's not uncommon), so I'm pretty sure it was "real" hunger.
Since taking Mounjaro, it's much easier now to distinguish between really being hungry, and being, I guess, psychologically hungry. Sometimes, now, if I've had a hard day or am in a poor mood, I want to eat chocolate just to make me feel better. That's something I didn't really notice before, maybe because it was always masked/coincident with physiological hunger? Perhaps the psychological side drove me to eat more or less healthily for pleasure, but I was still actually hungry in the first place.