Final answer:
Cinerama is the technique that employed a wide-angle lens for panoramic 65 mm film recordings, developed as part of Hollywood's innovations to captivate cinema audiences.
Step-by-step explanation:
The technique that used a wide-angle "bug-eye" lens to record panoramic action on 65 mm film is referred to as Cinerama. This technology was a response by Hollywood to provide audiences with a new cinematic experience.
Cinerama utilized multiple projectors to project the film onto a deep, curved screen, creating an immersive visual spectacle. It was one of the various technologies, including CinemaScope and 3-D, developed to enhance movie storytelling and provide a larger-than-life screen presentation.