Can protruding eyes cause eye bags? How can I reduce them? (Photo)

From your photo, you don't appear to have protruding eyes or eye bags.  The roll under your eyes is a youthful sign and it represents the natural resting tone of your eye closure sphincter muscle (orbicularis).  The roll can be softened with minuscule amounts of botulinum but I suggest against seeking to eliminate it as this would not make your eyes look better.  It's normal and desirable to have under-eye contours and the roll seen in your photo is generally thought to be a desirable one.   

The eyes are best treated with a combination approach of fillers, lasers, microneedling/PRP for improvement. Ultherapy/thermage, venus legacy all do well for swelling or puffiness. I would suggest consulting an expert.  Best, Dr. Emer.

Difficult to tell from the photo but I don't think you have bulgying eyes or much bags. Best to see an oculoplastic specialist in person for evaluation.

the rolls your speaking of are related to your muscle under your eyelid skin called Orbicularis Oculi. Just few units of neurotoxins (like Botox) can help decrease the function of this muscle and make it less pronounced. it should not be over done then it can cause under function of this muscle which it is very important in the function of clearing the tears from the eye to the nose. and also, most importantly, helps with your blinking. 

Your eyes are not "protruding."  One of the values of a personal consultation is to help you determine what precisely is bothering you.  A consultation is a two way street where the surgeon should be assessing your goals, concerns, and medical history and anatomic issues to determine the basis for your concerns and your best options.  Carefully study before and after pictures of Rene Zellweger.  She had a wonderful lower eyelid orbicularis roll like you did.  It was part of her dreadful eyelid surgery, someone wiped out this muscle roll.  The message is that you need to be very careful what you look for.  

The roll under your eyes is a function of the orbicularis oculi muscle which is a muscle that encircles the eye. Sometimes, this muscle may be reduced surgically or for less permanent results, botox may be injected directly into the area.

A safe approach can involve  small aliquots of Botulinum Toxin to soften the eyelid muscle (orbicularis) and flatten the eyelid roll.  If you are happy with the outcome you can have the injections repeated every 6-8 months.