GNU Emacs 29.0.50 (build 1, x86_64-pc-linux-gnu, GTK+ Version 2.24.33,
cairo version 1.16.0) of 2022-09-14

To reproduce:

1. $ emacs -Q /ssh:ANY-REMOTE-DIRECTORY-WITH-FILES
2. Move point to a file, let's say it is called XYZ
3. Run ! "ls" RET -> 'ls' gives an error, because it gets a Emacs-style
remote path, which it of course doesn't understand.

So, Emacs command doesn't fail per se, but it invokes shell commands in
such a way they cannot succeed.

For comparison, M-! "ls XYZ" RET works fine.

Paul