In my opinion (as someone who has used them), they both offer great features, but I think it's too early to declare one as being better than another. It will all come down to your specific needs and whether you value producing realistic image files versus producing creative and quick outputs, much like people will keep switching back and forth between the two apps. Additionally, I feel that Nano Banana is more of a food item found in a coffee shop than an AI app, which complicates matters from a branding perspective as well. In reality, I think that both of them are going to continue evolving over time, and users will simply choose either application based on which one yields the best result at that moment in time.
I agree, the competition is heating up with ChatGPT Images 2.0 vs Google Nano Banana 2.0. Wondering how they handle complex prompts