I think I have to disagree. Watchmen is unique in that it's not really ABOUT the villain, until RIGHT at the end. In fact, especially in the movie (though also in the comic), Ozy is almost a second-tier character that you can easily forget about at times, until it all comes together. Don't get me wrong, I'll buy an Ozy, but I don't think he's 100% necessary, either.
(It doesn't help that, at least in the movie, he's probably the least interesting Watchmen character IMHO).
I was just about to say that!
Referring to the book mostly here but when I read it I dont even find it to be so much about the story let alone the villain. Its more about what drives the characters and the world they live in rather than the base 'whodunnit' story
I'm not gonna go into loads of detail, just my opinion on it