To the best of my knowledge, all the G2 figures are based on G1 figures from Series 1-3. But which figure is "Phantom" based upon? Is it based upon "Ectoplasmic Phantom"?? If so, it certainly doesn't look ectoplasmic at all.
How about... THE PHANTOM OF THE OPERA!
Humanoid, ugly as sin, likes to wear clothes that hide his face...
It all fits!
I mean, clearly it's not ecto, because ecto was lumpy and funny looking. And yes, the cyclops has only one eye, the spot in the middle is indeed a pupil. I have a gamoja that annoys me in that same way, he's painted like he's got 2 eyes, but he only has one, it's just that there's some kind of pointy eyelid half closed over the middle part and there's a bit of pupil showing on either side. If the people who painted it actually paid attention to the character's drawing they would have realised that they needed to join the two sides of the eye up. But hey, we're talking about cheaply made chinese toys here!