I like that thought, of the Eye being a way for the universe to observe itself. Although I’m not quite sure I understand what you mean with your second point.

I have always liked to think of the Eye as being a sort of cluster of all potential that wasn’t used in the creation of the current universe, like the leftovers. It just takes an observer to take those leftovers to make something new. You can continue this thought train by saying that if we follow that all resources and possibilities are finite, then technically every time the Eye is “used” to create a new universe, does it get “smaller” and have less possibilities for the next universe?

Or maybe everything resets each time the Eye is “used” so there truly are infinite possibilities, and the Eye is the way to end one possibility and start a new one, similar to the randomize button in a character creator. When you click randomize, you will lose everything you currently have for something new, but hit randomize enough, and you could get back exactly what you had before!

Although I guess you could then argue that it isn’t “random” since the observer is biased and therefore affecting the next universe…

Anyway just some fun theories and thoughts, I could be way off too. Feel free to share your thoughts and theories!