Should the former be merged into the latter? Should the former be blacklisted to avoid misuse in the future or just make them synonyms?
While it is accurate to say that poetry is simply the noun form of poetic, the term poetry has acquired enough of a distinctive meaning that it is a little uncomfortable to call flowery or vivid prose poetry. Describing it as poetic still seems appropriate, maybe in the sense that even though it isn't poetry, it is like poetry.
I think there is a place for the two tags to have separate identities. For clarity, I'd suggest renaming poetic to