First, it refers to a function f:C x N --> C, defined in terms of repeated multiplication. f(x,0) is 1 for all x != 0, and so we adopt the convention that f(0,0) is also 1.
But it also refers to a function g:C x C --> C, defined as g(x,y) = exp(y log(x)), which has a branch cut on the negative real axis of the first argument and an essential singularity at (0,0), and so g(0,0) is necessarily undefined.
The value of 0^0 depends entirely on what sort of mathematics one is doing at the time, and therefore which function one is referring to.