I guess that using sequences, $\varepsilon$, $[0,1]$, choices of $x_i$, $y_i$, etc, just make things more and more difficult to understand. As @Esgeriath has already stated, thinking about the product topology would probably be more adequate.
First of all, notice that you don't need to take finite intersections of sets in $\mathcal{O}$. This family is already a basis for the topology.
Saying, for example, that
\begin{equation*}
|f(x) - y| < \varepsilon
\end{equation*}
is just one way of saying that $f \in \pi_x^{-1}(y - \varepsilon, y + \varepsilon)$, where $\pi_x(f) = f(x)$ is the $x$-th coordinate of $f$.
Another way, is saying that $f(x) \in (y-\varepsilon, y+\varepsilon)$.
There, it would be nice to notice that the open intervals form a basis for the usual topology of $\mathbb{R}$. Those are sets that you "want" to be open. If those are open, you can be sure that
\begin{equation*}
f_n \rightarrow f \Rightarrow f_n(x) \rightarrow y.
\end{equation*}
Whenever you have a family of sets that you would like to be open, you can generate a topology. Since $\mathcal{O}$ covers $\mathcal{R}$, all you have to do is take finite intersections to get a topology.
Now, think of
\begin{equation*}
\mathcal{C} = \left\{V_{x,y,\varepsilon}\,|\; x \in [0,1], y \in [0,1], \varepsilon > 0 \right\},
\end{equation*}
where
\begin{equation*}
V_{x,y,\varepsilon} = \{f|\,f(x) \in (y-\varepsilon, y+\varepsilon)\}.
\end{equation*}
(By the way, it would be more didactic if the domain and co-domain were not the same...)
Taking the family of finite intersections of members of $\mathcal{C}$, you would get almost your $\mathcal{O}$. The difference would be using $\varepsilon_1, \dotsc, \varepsilon_n$. This would be trivially a basis because it would simply be finite intersections. But any open interval of radius bigger then $\varepsilon > 0$ is a union of open intervals of radius $\varepsilon$. Therefore, you can take $\varepsilon = \min(\varepsilon_1, \dotsc, \varepsilon_n)$ and still have a basis.
By the way, in general it is very hard to talk about topology of "sequence convergence":
Topology for convergent sequences .