In all likely hood it is pop-eye which is a bacterial infection... the infection isn't normally in the eye, the the bubble in the eye is just a symptom of something else going wrong from a simple infection from a net all the way to infected kidneys.
I would personally treat, but there are plenty of accounts of it going away on its own. If it appears to get worse (larger, cloudy, etc) anything other than going away in a couple weeks since you first noticed it, I would treat.
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