I believe the significance of Tom Bombadil is to show character. I believe Tolkien wanted to have someone who could resist the ring and not be affected by it while others were being taken by the darkness. Amist all the chaos and despair there can always be one person who is not affected by change but does not have to be a key part of the adventure. Much like Sir Tolkien himself. Growing up during the industrial revolution was hard on him. However, Tolkien never really met up with the turn of the times eye to eye and always enjoyed peace and quiet and good tilled earth.
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