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I certainly can't speak for all cultures or all societies, but it's clear that in America, poetry serves a very marginal purpose. It's not part of the cultural mainstream.
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I believe that all poetry is formal in that it exists within limits, limits that are either inherited by tradition or limits that language itself imposes.
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And yet, in a culture like ours, which is given to material comforts, and addicted to forms of entertainment that offer immediate gratification, it is surprising that so much poetry is written.
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And at least in poetry you should feel free to lie. That is, not to lie, but to imagine what you want, to follow the direction of the poem.
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A life is not sufficiently elevated for poetry, unless, of course, the life has been made into an art.