1) I didn't use the word "formulaic." I said, "simplistic" because it is. The chord progressions are super simple and mostly boring...ESPECIALLY if you listen to more than one song in a row.
2) All Along The Watchtower? Am, G, F all the way through with no changes. I wrote a song with that chord progression when I was 6 years old.
3) Knockin' on Heaven's Door, G, D, Am, G, D, C all the way through with no changes.
4) Like a Rolling Stone, C, Dm, Em, F, G for the verses, and then a 1-4-5 (C, F, G) for the chorus.
5) Rainy Day Women uses 1-4-5 of E, A, B. One of the worst songs ever written too by the way.
I could go on.
The Beatles, Elton John, Elvis Costello, Sting, and TONS of others use much more interesting chord progressions and arrangement. Hell, even Air Supply does!
Dylan had this poet vibe going on when he started, and that's fine, but musically, he's about as simple as they come. He's a more brooding version of Jimmy Buffett.