It's highly discussed. Most compelling arguments for me are that the original language actually translates better to "the known world" as in, not the entire globe fully submerged. Also, lines up with flood stories/myths found all over the world and a worldwide calamity that archeologists are discovering. Reading the bible as if it was written in English to Americans will lead you down a lot of wrong paths. Conversely, dismissing it entirely because of whatever modern reason is an even worse mistake.