While we can do it algebraically by factorizing some $2^b - 1$ out of the expression, how do we show it's composite in another way?
One solution that is known is $2^m - 1= (2^b - 1)(2^{m-b} + 2^{m-2b}...+2^{m-ab})$ which is composite. However, does this relation hold when m is not composite? I have always assumed it would, since it's similar to factorizing $x-1$ out of $x^3 - 1$.
We use the fact that $$x^n-1=(x-1)(x^{n-1}+x^{n-2}+\cdots+x+1)$$ to obtain $$\begin{align}2^{ab}-1&=(2^a)^b-1\\&=(2^a-1)(2^{ab-1}+2^{ab-2}+\cdots+1)\end{align}$$
Setting $m=ab$ ends the problem.
Setting $m=p$ where $p$ is an arbitrary prime will give you the answer to your other question.