In a link below you can read another Eye story. In my commentary for that 2014 post I presume the Eye to be a version of God. I have noticed many comics use God, thinly disguised. It is only natural for writers and artists to mix history, folklore, the supernatural and Bible stories into adventures of four-color superheroes.
From Keen Detective Funnies #20 (1940):
The second Eye story is here. The posting from 2014 also includes a link to the first Eye story. Just click on the thumbnail.