If X is a pointed space, with base point x0, apply another quotient map that shrinks x0 cross I to a point, which becomes the base point of the suspension. Continuing our hammock analogy, x0 defines a thread that runs from one end of the hammock to the other. Shrink this thread down to a point. The hammock now hangs from one point. If you are an ant, away from x0, and away from either end, it looks like you're living in X cross I as usual.
Let's illustrate with the zero dimensional sphere, which is simply two points. Stretch these points into two threads and sew them together at either end. This is homeomorphic to a circle. If x0 is designated as the base point, then one of the two threads shrinks to a point. The other thread closes up to become a circle. Therefore the suspension, or the pointed suspension, of S0 = S1.
Let X = S1, the traditional circle. Cross X with I to get a tube, then close the ends to find something homeomorphic to the sphere. The radius of X starts at 0 on the left, rises to 1 in the middle, and shrinks back down to 0 again at the right. In general, the suspension of Sn = Sn+1.
A similar result holds for pointed suspensions. Shrink an arc on the surface of the sphere down to a point, stretching the nearby fabric along the way, and the result is homeomorphic to the original sphere. This is pretty intuitive, but let's take two steps closer to a proof.
Let the arc be the semi-equator, running through the western hemisphere. Pull the two meridians together, squeezing the western hemisphere down to a thin vertical slice, and stretching the eastern hemisphere commensurately. This shrink/stretch map is continuous, and homeomorphic to the original sphere.
Now all of North and South America are trapped between two lines of longitude that are only a few degrees apart. Our goal is to shrink a short arc, running along the equator, down to a point. This arc was once half the equator, but now it is only a few degrees across. Let this arc be the diameter of a small circle embedded in the sphere. Squash this circle into a figure 8. The diameter shrinks to a point, and lines just above and below the diameter shrink to very short arcs. The rest of the sphere, outside the circle, stretches to compensate. This shrinking and stretching reduces to 0 as you approach the top and bottom of the circle. The map is continuous, and the result is a sphere. Combine this with the previous map, and the pointed suspension of Sn = Sn+1.