Here is some info about other chicks born with this problem:
https://www.backyardchickens.com/threads/baby-chick-hatched-with-one-eyeball-bulging.906917/
https://www.backyardchickens.com/threads/bulging-eye-on-newly-hatched-chick.978786/
There is a common birth deformity that causes bulging eyes in a chick. Many later become deflated, and most of those chicks are blind. It can affect one or both eyes. It is also possible the chick’s eyes could have been pecked and caused the swelling. You can try to use some Terramycin eye...