I know in reality the frequency of iterations varies considerably but for simplicity of discussion let's remove variability.
Say we have a loop with 1000 iterations. That is at minimum 1000 statements in the loop body plus expression overhead from the loop itself. If this loop is nested once with a same sized loop there are now 1,000,000 iterations plus some expression overhead per iteration. If it is nested twice deep there are now 1 billion iterations.
That example is exponential of 1000. Given that there is overhead associated with operation of a loop it is actually greater than exponential. It may not be quite so dramatic as a logarithmic growth curve though.
I completely concede that in reality loops vary in iteration count and so nested loops aren't likely perfectly exponential unless their iteration counts are identical. The increase of iterations from nesting loops does increase more dramatically than a simple multiplicative operation as the depth of loop nesting increases, such that the growth of total iterations is a curve on a graph. A polynomial growth operation when graphed should present a straight diagonal line without the presence of a third variable.