(x=y) means x.operator=(y), which returns the object x. Therefore, (x=y)=z means (x.operator=(y)).operator=(z). The expression in parens sets x to y and returns x, and then the outer bit sets x to z. It does not set y to z as you might expect, and as the expression x = y = z does.
This behavior is counter-intuitive (they should all be equal after the assignment, right?); returning a const reference makes it impossible and avoids the problem.