Micronauts Hydrocopter (1976) by Mego

Leading from

HR Giger's Necronom VIII

and 

Micronauts

i) Necronom VIII strays slightly as an precendent to Giger's Alien but it's a part of the Necronom series that led to the development of the film monster, but here we have a comparison with the main body of the Micronaut Hydro Copter.
 
ii) The seated pilot perhaps becomes transformed into the seated man in serpent pictured further down below as if stretched horizontally and transformed into the ear and the jaw.
 

Main hydrocoptor body without attachments placed vertically and Necronom VIII

iii) The ribbed rubber track running around the sphere becomes the ribbed pattern radiating from the front of the face.

iv) Another idea might be that the pilot for the toy has been half erased and his arm becomes the closed eye (although this closed eye echoes the shape of the jaw Jaguar helmet from monument 19 from La Venta) and shadow of his feet become the nostrils, inspired by the photograph on the box for the product. 

Necronom VIII (1976) (blue tint)