$A \times A \times A$ is usually defined as $(A \times A) \times A$ when the Cartesian product of two sets has been defined. This corresponds to your first view of $\mathbb{R}^3$.
On the other hand, powers of sets are also defined, namely $A^B$ is defined as the set of all functions from $B$ to $A$. Defining the natural number $n+1$ as the set $\{0,\ldots,n\}$ (and $0 = \emptyset$), as is usual, we can define $A^n$ as the set of all functions from the set $n$ to $A$.
It's quite easy to see that we can identify an $f \in A^2 = A^{\{0,1\}}$ with its tuple of values $(f(0), f(1))$ and so with $A \times A$ as a Cartesian product, and similarly $A^3$ with $(A \times A) \times A$ etc. so that (up to obvious bijections; the sets are not the same as pure sets, but can be easily identified using "trivial" or "natural" bijections) we can consider powers of a set as iterated products (like we have for numbers). The view of $\mathbb{R}^n$ as $n$-tuples corresponds to the "power" view most naturally, but as said, is easily identified with iterated Cartesian products as well.
Also see this answer, e.g.
I like to think of the product operator as associative. So long as you understand there is a natural bijection to establish the associativity, you are free to define them in various different ways.
– muaddib Jun 06 '15 at 03:06