I took it apart but didn’t see anything behind it that seems to need it.
that was a sensor used on previous generations of the V series camera. it currently does not have a function on the V2. this information is from Wyze. if you were looking to use a cover or something on the camera, that could be covered up without consequence.
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You found its vestigial dot! Wyze cams are very self-conscious about these things, so be careful not to bring them to attention, especially in public. 
Second theory: Third (second?) eye. The key to digital enlightenment; a nexus, binding them to a higher power. An ethereal uplink, if you will.
Although I completely made all of that up, it’s probably true.
I’ll leave you with one final thought:
What better place for a hidden Wyze cam than… inside another Wyze cam!?
Mind blown? You’re very welcome. 
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Watched a you tube video of a guy disassembling a V2. There was absolutely nothing behind or connected to the dot/eye.