One thing I've noticed about myself is that light beers, IPAs, and Chardonnay make no sense to me. I drink stout and chianti, because beer is supposed to be BROWN and wine is supposed to be RED. I realized a few years ago, I'm that way because of reading so much Tolkien so early. I've read the Silmarilion, the poems and tales in the short selection ("Adventures of Tom Bombadil" I think it was published as, though most of it isn't Bombadil material) and some of the posthumously published stuff from his notes, but not with the frequency or focus of the published novels.
I think probably the biggest question about Bombadil is whether he's essential to LOTR or not. Like I said, I think he's one of Tolkien's best creations. Every adaptation leaves him out, even the BBC radio play IIRC. The story of the quest of the Ring makes perfect sense without him. But reading it coming directly off a re-read of the Hobbit, one thing that strikes me about both books is that, in a way, they're kind of like the Odyssey. They aren't "action" stories, they're travel stories, and each stage of the journey is about a different kind of hospitality the travelers receive. So in the Hobbit, it's:
- Bilbo's hosting of the Dwarves
- Trolls
- Rivendell
- Goblins
- Gollum
- Eagles
- Beorn
- Spiders
- Wood-Elves
- Lake-Town
- Smaug
In Fellowship, it's
- Bilbo's Party
- Frodo hosts Gandalf
- Crickhollow (actually there's a series of brief guest/host events, with the traveling elves, and Farmer Maggot first)
- Tom Bombadil
- The Barrows
- Bree
- Rivendell (it might be a stretch, but you could almost see the journey between as Strider "hosting" the hobbits in the wilderness and at Weathertop).
- Moria
- Lothlorien
In a sense, a succession of visits in which the hosts variously feed, or try to feed on, their guests. From that perspective, Bombadil is an essential example of idealized hospitality. Just my own amateur attempts at literary interpretation.