is_token looked only at the leading identifier, so on a workbook with a
sheet called Output (or Row, Column, or the name of a declared input),
"Output!A1:B2" was read as the Output token, and the step failed with
"the macro has no output anchor" or "unexpected '!A1:B2'". This hit
reference keys, $ref and {{...}} alike, including references the
recorder writes for other sheets. A base followed by '!' is now a sheet
name, and the text resolves as a plain reference.