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."
Ojo del Diablo could also be reference to El Castilo del Diablo in Bone County, a desert area in Grand Theft Auto: San Andreas, both look alike and their names are in Spanish and have something to do with the devil (El Castilo del Diablo is Spanish for "The Devil's Castle").
According to a campfire story, Ojo del Diablois named as such due to the high number of criminals that pass through the archway.