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These are the 5 places I wanna see a region based on the most:
1. West USA (mainly California)
2. Greece
3. South America/Brazil
4. Australia
5. Mexico
I've always wanted to see a West USA region, but I don't really know why. Seeing LA, Las Vegas, Hollywood and all those great theme parks in the Pokémon world would be awesome.
Australia and Brazil mainly for the region itself, considering these countries have a lot of natural diversity. Brazil is divided in 5 regions in a manner that blends rather well with Pokémon: (1) north - rainforest, (2) northeast - arid region, (3) midwest - savannah, (4) southeast - industrialized region with big cities (5) south - cold region
A region based on Greece would be great lore-wise. It's a non brainer: 12 legendaries, each based on one of the greek gods, the main legendary trio being Zeus, Poseidon and Hades. Also, there are thousand and thousands of great myths and creatures to inspire new Pokémon, and a lot of great locations as well. Just imagine the Pokémon League being set in Crete, with the the Labyrinth acting as Victory Road