Well for me I think mine became more pronounced than they already were after many months of estrogen.
I am not sure if it was from HRT or just regular aging, but I ended up doing a transconjuctival lower eyelid blepharoplasty as part of FFS which solved the problem.
Eye bags are a result of the fat deposits that naturally grow in your eye socket (3 underneath each eye). Sometimes the fat can grow a bit higher up, which creates the illusion of a bag or dark circle. Also as we age, the fat slowly dissipates- which contributes to a hollowed out look.
Lower eye bleph repositions the fat pockets. The usual route is from the inside of the lower eyelid and heals without any sutures or scars. There are of course possible complications, but I think it's usually a pretty low risk procedure especially for a good PS. I had zero complications btw. I think it prolly made me look about 5 years younger and about 5hrs better rested.
I know there are remedies and such that you can try, but usually it is a genetically inherited trait and at some point it is unavoidable without surgical intervention. Sometimes, in certain cultures, lower eye bags are even considered attractive. Just food for thought