"how do I think about fractional exponential powers by this same logic?"
Carefully.
You have to expand the definition.
We notice that $b^n*b^m = \underbrace{b*...*b}_{n}\underbrace{b*...*b}_{m}=\underbrace{b*...*b}= b^{n+m}$ for positive integers $n$ and $m$ and we take $b^{n+m} = b^nb^m$ as a rule.
Then we think. Well what that means $b^0*b^m = b^{0+m} = b^m$. That would mean $b^0 =1$, doesn't it? Well, in one sense it does not make sense that we can't mulitple $b$ times itself zero times. That's meaningless.
But that is no longer what the definition of $b^n$ means. It means that for $n\in \mathbb Z$ and $n \ge 2$ but... for $n\in \mathbb Z$ and $n \le 1$ we are going to have it mean.... whatever it has to be in order for the rule $b^{n+m} = b^n*b^m$ to work.
That means: $b^1 = b$ and $b^0 = 0$ and for a negative integer $-n < 0$ then $b^{-n} = \frac 1{b^n}$ (becuase we must have $b^{-n}*b^n = b^{-n+n} = b^0 = 1$.
Okay, but we also have the rule $(b^n)^m = \underbrace{b^n*...*b^n}_{m} = b^{\underbrace{n+....+n}_m} = b^{nm}$.
So what does that make $b^{\frac 1m}$ have to be?
Well, $(b^{\frac 1m})^m = b^{\frac 1m*m} = b^1 = b$. So that means $b^{\frac 1m}$ has to be $\sqrt[m]{b}$, right?
And that's that. $b^{\frac mn} = (\sqrt[n]{b})^m$.
That's it.
....
Except we have to be careful. $x^2 = 4$ has two possible answer $-2,2$ so which will it be. ANd $x^2 = -4$ has none.
So we add a caveat rule: we only feel safe talking about $b^{\frac mn}$ if $b \ge 0$ if $n$ is even and in that case the value is positive. We can talk about $(-4)^{\frac mn}$ if $n$ is odd (in which case the value is negative) but for most of the time, we should avoid it. Many mathematicians will simply say $b^q;q\in \mathbb Q$ is only defined if $b\ge 0$.
And for $x \in \mathbb R$, we say $b^x$ is only defined fro $b\ge 0$. Unless we are doing complex analysis where we accept the square roots of negative numbers. In that case, things get very different. But it's still a matter of defining things by what the must be in order for the rules to work.