Those eyes are not on the suit. Freddie was a lizard monster and the suit had holes in so the eyes on his body could poke through and look inside your soul.
Either that or the designer had a thing for prawns.
In the music video everyone is wearing very flambouyant clothes to represent themselves as rich. The meaning of the video is that just because you are rich doesn't mean you will be happy.
At least that is from my perspective. Besides that I don't believe Freddie's costume particularly has a meaning behind it...