The problem with NYSE Chicago, formerly the Chicago Stock Exchange, was not that it was in Chicago, but that it was not liquid. CBOE operates four equity exchanges, formerly operated by BATS, which was based in Lenexa, Kansas of all places. From what I've read, the value of NYSE Chicago is simply in the exchange license. NYSE bought it when it was the Chicago Stock Exchange in 2018, when it was already an illiquid skeleton of an exchange.
