No, not baiting---how is The Elder, you knows the ins-and-outs of all things in his corner of the world, not more worldly than the naive hobbits who were getting swallowed up by a Willow and/or trapped in a barrow? Tom is Master, yet is in sharp contrast to Sauron who desires that same mastery of the world (but seeks to subvert the natural world, rather than joyously dance through it). It's why all the hippies loved Bombadil in the book so much back in the late 60's and early 70's (I remember it quite well)!
Bombadil is as much (or more so) a Middle-Earth nature-spirit as Treebeard. The difference is: do you want to read a book that makes you feel as if you are traveling through Middle Earth trying to reach your destination, or do you want a purely linear plot where each element is only introduced if it's necessary and relevant to the finale?
Jacquay your novel! It's the difference between Wind in the Willows or the Odyssey and just about every single Hollywood movie made with a mind for budget and time-run. We've certainly become accustomed to stories of the latter sort. Perhaps it's resulted is an intolerance for non-sequiturs that create ambiance. But to omit, or gloss over, those details is like only putting a tapestry in your dungeon when there's a secret door behind it---obtuse single-mindedness. The difference between experiencing a work that is fascinating and multi-layered, versus an instruction manual on how-to-blow-up-the-Death-Star-in-every-movie-that-mimiced-Star-Wars-without-the-interesting-orthogonal-details. It's the difference between tearing through a novel to get to the end, and savoring it.
What's more, it's that first mini-adventure from Bag End to Bree, where the hobbits "Do-it-on-their-own" without a Strider or Gandalf, that is most like The Hobbit, and more importantly establishes the characters of the hobbits as more than just "baggage" for the super-heroes. It defines them---and was utter stupidity for Jackson to skip it. Their repeated quasi-failure to handle the risks of the Wild on their own, makes it that more heroic for the four hobbits to volunteer to take the Ring to Mordor at the Council. It establishes just how dangerous it is to travel outside the civilized parts---even for a short distance! The whole short-cut through the Old Forest, and how badly that turns out (like Moria) shows why it's best to stick to the main roads. Character growth is demonstrated by how Sam and Frodo manage in Mordor (and Merry & Pippin elsewhere) versus their initial outing. That first journey sets up everything that comes after it! Jackson had his head up his arse to hand-waive it. Fool! Events accelerate in the latter books---even Tolkien writes in the Forward that LotR was too short. It's only the Fellowship that moves at a proper pace.
Bombadil (like the Balrog, Treebeard, Shelob, and the Dunlendings) is symbolic of the older, wild, magic that still lingers in the corners of the aging world---and a big part of what makes Middle Earth such a singularly fascinating creation. The remnants of a deep history.
Admit it: ya haters just don't like English whimsy.