Compound noun, it is an entirety。 But XX of XX, these two words are separated themselves. Each one is an entirety.
To my knowledge, there are two cases.
1. Proper nouns doesn't need "of" and can be seen as compound.
2. The first word (Noun) can be used to describe the material, attribute, or other inner features of the second word (Noun)
e.g. gold +ring, you just say gold ring rather than ring of gold (The ring here is made of gold.)
Hope this makes sense to you. ^^