Here's a proof: $$\left(b^{x}\right)^{y}=\exp\left[y\left(\ln b^{x}\right)\right]=\exp\left[xy\left(\ln b\right)\right]=b^{xy}$$
But if for example $b=-1$, then $(b^2)^{1/2}=1$, while $b^{2\times1/2}=b^1=-1$, so that $(b^x)^y\neq b^{xy}$.
So where does the above proof fail for $b<0$?