Big fan of Tolkien and The Hobbit.
But, with some notable exceptions, as a poet he was pretty generally third-rate.
IMO.
Tolkien didn’t write poetry for the poetry itself. He used poetry as a vehicle to enrich the characters in his books.
Remember: all the songs and poetry were translations from the original language (Elvish, Hobbit, Dwarvish, Orc, Black Speech, whatever) into Common Speech and then into English, so you shouldn’t expect the English version to be as good as native English poetry. It wouldn’t surprise me if this is how he really wrote most of it...
I’m currently reading Olsen’s “Exploring JRR Tolkien’s The Hobbit”. It’s quite good, and surprisingly entertaining.