I really liked EM, but I honestly do not think of it as a musical, regardless of what anyone else thinks. Most of the songs to me were like background chants rather than classic movie musical songs. I did not actually think that musicalization added much to it, even though I really did like it.
I thought the story was intriguing, extremely well-acted, and I thought the ending was great. Drug lord reinvents themself, does honorable things in search of redemption (or is it just that they see things differently as a woman), starts on a downward path because they still need to be in charge, and ends of dying because of stupid / selfish actions driven by the need to be in complete control. Still, she ends up being viewed as a heroine by the people.
One thing that I could not buy, but didn't let it bother me, was centered on the fact that EP came out of nowhere, even though she was wealthy, became a well known public figure because of her actions, but no reporter attempted a background story to try to figure out who EP is.
I still enjoyed it just as much the second time as the first.
Wicked is just a different beast, even though it does actually have some very serious points to make. I am not sure how many viewers necessarily spent any time thinking about those points, of course.
Comparing them based on their being musicals is, to me, pointless.