There are a series of interesting texture anomalies on the west face of the rock wall south of the arch caused by repeating textures, which resemble figures or faces. These appear to be unintentional.
Ojo del Diablo looks very similar to the Rainbow Bridge in Utah, USA. Rainbow Bridge was known for centuries by the Native Americans who have long held the bridge sacred. They named the bridge Nonnezoshe or "rainbow turned to stone."
According to a campfire story, Ojo del Diablo is named as such due to the high number of criminals that pass through the archway.