When Ray Palmer's appearance in the Flash was announced I read someone's suggestion that it might be Red Bee, but as a villain. That would have been a better fit for the episode I would reckon so I wouldn't be surprised if they possibly mix the characters together. Red Bee is both a female and controls two large bees, but also the original Red Bee had used trained bees which would also suit Atom's appearance. I think they may try and mix the two, or even have this Bug Eyed Bandit be the grand-daughter of Red Bee, a retired hero. I think this would be an interesting dynamic and would allow for a good story for an Atom spin-off show (something I would prefer over a spin off with rotating characters).