The poets of ancient times were the repositories of the wisdom, knoweldge and stories of the King's kingdom (Hesiod, Homer, Virgil, Ciccero, David the other Psalmists). They entertained and dispensed wisdom and warnings. The importance of the Poet-Philosopher was very high.
As you say, we have replaced the functions of the poet with other cultural contrivances.
I believe that it would be grand if the Poet was again held in high esteem and seen as necessary by the King.
Good question Jaggedfrost!
image of Homer - Munich Museum - copy of original