You can only access protected members from your own base class instance... not one provided to you as a parameter.  It's all about OO encapsulation really.  Without this restriction, the object under construction could invalidate invariants of the baseTest& parameter.
Put another way, your SubTest may decide on a use for a protected member that conflicts with the usage made of the same member by another BaseTest-derived class (say SubTest2 : BaseTest).  If your SubTest code was allowed to fiddle with the other object's data, it could invalidate the invariants in a SubTest2 object, or get some values out that were - in the intended encapsulation - only meant to be exposed to SubTest2 and (optionally - see below) SubTest2 derivatives.
Followup question:
  Why is it, that in the added copy constructor I can access protected members of another instance?
SubTest(const SubTest& x);  // can access x._protMember
SubTest(const BaseTest& x);  // cannot access x._protMember
The same insights above explain why this is allowed: the copy constructor gets a SubTest& rather than just any old object derived from BaseTest, and this constructor is clearly within the SubTest abstraction. The SubTest coder is assumed to be conversant with the intended design/encapsulation SubTest provides, and the copy constructor is given access to bypass and enforce post-conditions/invariants on the other SubTest& object too.  (You are copying from an object that might itself have been copy-constructed by the very same function, so protecting it when on the "*this" side but not the parameter-by-ref side isn't much protection at all, even ignoring all the sound reasons you may want/need that access).
It is possible that a SubTest-derived object will be accidentally passed to the SubTest copy constructor ("slicing"), but even for that scenario the SubTest& class can control whether the further-derived object could have been doing anything unexpected with _protMember - adding a private using BaseTest::_protMember; statement if it wants to "finalise" access to _protMember and forbid any derived classes from using it.