Let $SO(3)$ denote group of rotations of the unit sphere $\mathbb{S}^2$.
It is a well known fact that the fundamental groups $$ \pi_1 \Big( SO(3)\Big) \cong \frac{\mathbb{Z}}{2\mathbb{Z}} \not\cong \mathbb{Z} \cong \ \pi_1(\mathbb{S}^2 \times \mathbb{S}^1) $$
do not agree, hence two spaces $SO(3)$ and $\mathbb{S}^2 \times \mathbb{S}^2$ are not homeomorphic.
On the other hand, I can provide this map $f_{p,q}: \mathbb{S}^2\times\mathbb{S}^1 \to SO(3)$ which seems to be bijection and I don't see any points of discontinuity for it and its inverse.
Explain to me why particular $f_{p,q}$ is not a homeomorphism. It must either be non-injective, or non-sujecticive, or the map itself or its inverse must fail to be continuous, or fail to have a continuous inverse.
In order to construct $f_{p,q}$ choose two points $p,q \in \mathbb{S^2}$, such that $0 <d(p,q) = r < 2$ or equivalently $q \neq p \neq -q$. Let $$F_p(x) = \{ T \in SO(3) : Tp = x \}$$ It is easy to see that $F_p(x)$ is non-empty, select unit vector $v$ from $(\mathrm{span}(p,x))^\bot \cap \mathbb{S}^2$, then rotation by suitable angle $\alpha$ around $v$, namely $T_{v,\alpha} \in F_p(x)$. Select $y \in \mathbb{S}(x, r)$, where $\mathbb{S}(x,r) \subset \mathbb{S}^2$ is the circle of the radius $r$ around the point $x$.
I claim that the set $$ F_{p,q}(x,y) = \{ T \in F_p(x) : Tq= y \} \tilde{=} \{ f'_{p,q}(x,y) \} $$ is a singleton.
To see that $F_{p,q}(x,y)$ is nonempty take any map $A \in F_p(x) $ and compose it with rotaion around $x$ by the suitable anlge $\beta$, wich must exist as $A(q) \in \mathbb{S}(x,r)$ ($A$ is an isometry). By construction
$$T_{x,\beta}A(p) = T_{x,\beta}x = x \: \: \text{and} \: \: T_{x,\beta}A(q) = y $$
and whence $T_{x,\beta}A \in F_{p,q}(x,y)$.
If both $A,B \in F_{p,q}(x,y)$ then the map $B^{-1}A$ fixes the plane $\mathrm{span}(p,q)$ which must be 2-dimensional by selection of $p$ and $q$. The only rotation in $SO(3)$ which fixes the plane is the trivial one, which means that $B^{-1}A = I$ or just $A = B$.
At this point we have a map $f'_{p,q}$ with a wierd signature. But for each $x \in \mathbb{S}^2$ it is possible to find a homeomorphisms $\varphi_x:\mathbb{S}(x,r) \to \mathbb{S}^1$ so new map $f_{p,q}(x,y) = f'_{p,q}(x,\varphi_x^{-1}(y))$ is continuous. This must be possible as circles slide continuously across the sphere with their centers.
For every $A,B \in \mathrm{SO}(3)$ if $A(p) \neq B(p)$ or $A(q) \neq B(q)$ than $A \neq B$, hence $f_{p,q}$ is injective.
As every $A \in \mathrm{SO}(3)$ is uniquely characterized by its values $A(p)$ and $A(q)$ the map $f_{p,q}$ must be surjective.
The inverse must be continuous as both sets are Hausdorff and compact and at this point we have a continuous bijection.
Some values:
$f_{p,q}(p, 1 ) = I$
$f_{p,q}(p, e^{\mathrm{i} \alpha}) = T_{p,\alpha}$ is a rotation around $p$ by an angle $\alpha$.
having $x \neq p$
$f_{p,q}(x,1) \neq I$ is not an identity because $f_{p,q}(x,0)(p) = x \neq p$.
I think that this is where your error is. Supposing you have chosen these maps $\varphi_x$ in a continuous way, consider the vector field $\vec F$ on $\S^2$ where $\vec F(x)$ is unit magnitude pointing along the great circle from $x$ to $\varphi_x^{-1}(1)$. This is a non-vanishing continuous vector field on the sphere, contradicting the Hairy Ball Theorem.