Я сам нашел решение, используя itertools.product (* args)
string1 = ['awesome/stupid','red/blue/yellow','car']
s = [x.split('/') for x in string]
Вывод:
[['awesome', 'stupid'], ['red', 'blue', 'yellow'], ['car']]
Тогда
import itertools
prod = list(itertools.product())
prod
Вывод:
[('awesome', 'red', 'car'),
('awesome', 'blue', 'car'),
('awesome', 'yellow', 'car'),
('stupid', 'red', 'car'),
('stupid', 'blue', 'car'),
('stupid', 'yellow', 'car')]