He deserves it for the hundreds of unforgettable songs ineliminable from the soundtrack of so many of our lives over the past 50 years: 1962-2012.
"Blowin' in the Wind" is the most famous of his anthems. You may be surprised to learn that London Ed uploaded this outstanding rendition by Alanis Morissette. Another of Dylan's great anthems is "Chimes of Freedom" here sung by the Byrds, and here by Dylan and Baez, or is it Dylan and Osbourne? (I say it's Baez)
And speaking of Baez, here she is singing Daddy, You've Been on My Mind.
The man himself, She Belongs to Me. I Want You. I could go on, and on, and on.