Br. Patrick Mary Briscoe, OP, of the Eastern Dominican Province has written a good article exploring some of these themes in The Hobbit.
The world of The Hobbit is not a world of random chance where anything goes; in fact nothing could be further from the truth. The Hobbit tells the classic adventure story, the kind of story ordinary people naturally crave. The trademark of such a tale—a story which appeals to every person’s desire for truth, goodness, and beauty—is the dramatic difference between good and evil. In such a story good vanquishes evil, beauty conquers the repulsive, and characters rise to the challenges placed before them to fulfill their destinies. Within such a story, the hobbit Bilbo Baggins does not have to grapple with an existentialist crisis, nor carry the burden of creating his own meaning in light of the perceived absurdity of the world. Far from being an isolated and angst-ridden protagonist from Sartre’s Nausea, Bilbo joins Gandalf and the dwarves on a quest that has every appearance of being directed by providence itself.Br. Patrick then explores the protagonist Bilbo Baggins and his heroic journey and what his character traits mean for the spiritual life. Read the whole article!