Password or probably any argument can't have "=" in it.

[sksinghvi]

When passing password as an argument which has = in it, doesn't get parsed. It splits the password into two word. one before the = and other after it. If we pass the password with " around it then it parse it properly but later it failed because it adds another set of quotes at

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if /I "%_ArgFlag%" == "/P:" set _ArgPasswordWithQuote="%_ArgValue%"&goto :ArgumentOK

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And this about script https://github.com/microsoft/mwt-ds/blob/master/mc/DecisionServicePrivateWeb.deploy.cmd#L80