By leaving the function body in the same indentation as it would be without exception handling, this might help to make the code a little more readable than:
My mind parsed the first code block as a mix of Python and C. IMO, the later would be more readable since it involves parsing only one rule that the eye is already used.
Now that you you mention labels, I see the similarity to C. I might have been influenced by OP's reference to use indentation to make code more readable instead of using braces.