Overall good answer. Gave though one opportunity to the interviewer to drill into to your intro part, where you said “works one-way at a time”. Your answer is more accurate than this statement, where you pointed out the read is combinations of send/receive, and the acknowledgements are also change the direction of driving the line in the middle of the communication.
There are other things to say, to show off your knowledge of different areas: how is it fit into the family of serial interfaces, addressing, bit stretching, the electrical specs (pull-up, bidirectionality), and the future, like I3C.