You have to put the file in a git repo, and have pushed it to an upstream GitHub URL. Bug reference mode will then pick the github forge link for the second value, which matches the GitHub issue number regex.

On Tue, 9 Nov 2021 at 4:17 am Lars Ingebrigtsen <larsi@gnus.org> wrote:
Jimmy Yuen Ho Wong <wyuenho@gmail.com> writes:

> 1. emacs -q
> 2. Visit an elisp file in a git repo that has a hex color value in a
> string parameter followed by a
> hash, e.g. (set-face-attribute 'default nil :background "#002b36" :foreground "#839496")
> 3. M-x rainbow-mode.
> 4. Observe that the hex color value has been highlighted.
> 5. M-x bug-reference-mode or bug-reference-prog-mode.
> 6. Observe that the hex color has and overlay with a link interface
> applied.

I'm unable to reproduce this with the attached test file:


None of the hex colours here are buttonised by bug-reference-mode.  Are
there any additional steps needed to see the problem?

--
(domestic pets only, the antidote for overdose, milk.)
   bloggy blog: http://lars.ingebrigtsen.no
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Jimmy Yuen Ho Wong