Three of my faves, and ones I consider to be excellent are:
Masters of War
To Ramona, and
Ballad in Plain D
Talking WW2 Blues is also great fun - yes, fun!
I believe Bob just liked to play around with words. Listen to his Nobel Prize Lecture.
Whilst on the subject of comparing poetry to music, I think MOST songs come fron (first) written poetry.
T Hardy wrote magnificent novels, and also poetry, some of it real drivel, but like someone once said (paraphrasing here) "You cant be great all of the time" and Dylan is no exception.