Bob picked up the torch and carried it magnificently into our generation and those that followed. Whether we rock out or pluck softly, we all know who Dylan is and know instinctively to cherish the words. They are our words. The stories are based around lives just like ours. It's the people's music.
Folk music lives in the people.
Songwriters are myth makers. In ancient tribes, there was always a person who wore the role of the shaman. They were the chanter, the dancer, the healer. That person was in charge of connecting to divine energy and bringing down the magic for practical use on the Earth plane. That's what songwriters do.