You could let the python interpreter read from stdin using /dev/stdin (similar to python -) and pass the additional arguments alongside.
curl https://s3.amazonaws.com/aws-cloudwatch/downloads/latest/awslogs-agent-setup.py -s |\
python /dev/stdin --region eu-west-2
As Barmar points out using /dev/stdin could be OS specific in which case using python - would be more standard
curl https://s3.amazonaws.com/aws-cloudwatch/downloads/latest/awslogs-agent-setup.py -s |\
python - --region eu-west-2
As curl outputs the file content to stdout, you can pipe it over to the standard input of the interpreter.
Or use process-substitution feature in bash (<()), which lets you treat the output of a command as if it were a file to read from
python <(curl https://s3.amazonaws.com/aws-cloudwatch/downloads/latest/awslogs-agent-setup.py -s) --region eu-west-2