When I input:
$2^{a/b} = (2^a)^{1/b}$
Into Wolfram Alpha, it produces a very strange looking "implicit plot":
I'm entirely sure what this means or what it's even trying to plot and how. I suspect it may be a bug, but I thought I'd ask in case anyone has an explanation.

WolframAlpha output is ultimately generated by Mathematica. That particular plot is generated by a Mathematica command that looks like so:
While, $2^{a/b} = (2^a)^{1/b}$ is true for a lot of real $a$ and $b$, Mathematica evaluates this numerically and gets some small errors. You can see this using a command like so:
Of interest here is the fact that there are positive, negative and zero values. Thus, the
ContourPlotcommand generates the crazy looking graph. This can be fixed in Mathematica using theWorkingPrecisionoption.