That is mechanical induced trauma. It is one of the worst cases of it that I've seen though, usually the bubble ruptures before it gets that large. I don't know the mechanism that creates the gas, but it is caused by a strike injury - sometimes the fish just wiggling back and forth in a net is enough to cause it.
Here is an article I wrote on fish eye diseases if you want to take a deep dive into it:
Aquarists need to inspect their fish closely every day, for signs of impending health problems. It is much easier to resolve a problem when it first starts, than to attempt a drastic emergency treatment when the fish is close to dying.