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