That area is full of salt pillars. The geology served as an opportunity to create a moral and religious story. Could this have also influenced the story? Perhaps, but the salt pillars are quite large, obvious, and unique.
Edit: I note that nearby Jericho is dated to have been destroyed and abandoned in the same time period (within 50 years, likely well within margins of error). One of the most striking thing about the Tel in Jericho is that half the Tel is missing. Specifically the side to the East, which would be facing this Tel. I have never seen any good reason given for that missing section of Jericho, and would not be surprised at all if the same event destroyed both cities. Obviously lending more weight to this event having been integrated into Biblical writings.
Edit: I note that nearby Jericho is dated to have been destroyed and abandoned in the same time period (within 50 years, likely well within margins of error). One of the most striking thing about the Tel in Jericho is that half the Tel is missing. Specifically the side to the East, which would be facing this Tel. I have never seen any good reason given for that missing section of Jericho, and would not be surprised at all if the same event destroyed both cities. Obviously lending more weight to this event having been integrated into Biblical writings.