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Either the Watcher was working for Sauron or it was drawn to the evil power of the Ring. And, if the latter, why shut them in Moria?
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Well, if it was working for Sauron (which I tend to believe), I would say it locked them in after it had failed to accomplish its mission in hopes that the various other creepy-crawlies in Moria succeeded where it had failed.
But, if it was simply evil being drawn to the ring (say it with me now) "Hmmm..." Maybe it's just something as simple as the creature was just a dumb animal and got pi**ed that it wouldn't be able to enjoy the tasty morsel it had caught fair and square.
On a side note, I wouldn't entirely discount the theory that it was an agent of Sauron - even if it thought it worked only for itself. After all, Shelob thought the same, right? And if the watcher HAD caught and eaten Frodo (ugh! I feel faint!) Sauron would then know where the Ring resided. I'm sure it would be a simple matter of capturing/killing the watcher & going on a little internal expedition - blah!...never mind, we won't get into that. I don't think this feat would be beyond his abilities.