Really? I've spent pretty much all my spare time and money on music for the last 30 years, but no lyrics by themselves have ever had the effect on me that, for example "The Love Song of J. Alfred Prufrock" has had
... but then maybe I'm looking at this wrong, and the prize is being awarded for the songs rather than just the lyrics. If that's the case then I guess the prize is well-deserved
One example I might offer on the same line as Prufrock is Bookends by Simon and Garfunkel. From "Save the Life of My Child" all the way to "At the Zoo" we follow a life (or many lives) and its roller coaster. "America" and "Hazy Shade of Winter" are particular favorites.
(as an aside, one of my favorite lyrics of all time is by Gordon Lightfoot in his excellent "Black Day in July" -
"And then the tanks go rolling in
To patch things up as best they can"
Talk about summing up so much in a few words.)
If it's solely because of lyrics, Bob Dylan is not the best lyricist.
It's a weird comfort-food-like pick either way.
Literature and Peace, yes.
Science? No. People will disagree on whether some person who didn't get the price really should have gotten it, but no scientist disputes the value and importance of the work of the people who did get the prize.
In science, perhaps there are people who should have gotten the Nobel prize but they didn't. However, few people would say that the people who did get the prize didn't deserve it.
With Peace and Literature, people do this all the time.
To you they don't, to me and others they do. To the current Nobel committee they did this year.
At the end, Nobel prizes are highly subjective and people dependent recognitions - so arguments of the form of X deserves and Y does not are not too meaningful.