I don't think The Sea Bell was prophetic.
Frodo had various types of dreams and visions, not all pleasantly or accurately prophetic. He saw good and bad, and not all came to pass. Even prophets sometimes just have nightmares, and Frodo is described as falling into dark trances and delirium.
I think it was a sad, scary nightmare. In a phrase, basic opression: one of those seductively evil dreams that starts out pleasant and ends in despair or panic (ever had one of those?)
I think this poem was written to show us how much Frodo was suffering, so that we would understand why he was willing to leave Sam and go with Bilbo. We know he wanted to be with Bilbo; but it is a wrench to see him leave Sam; and to me, the suffering partly explains his willingness to go. The other part of the explanation is of course the draw of being with Bilbo, and living in the elvish West with all that entails.
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...down to the water to see the elves dance and sing upon the midsummer's eve.
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