Derived from bug 51961, comment 1: Positional parameters with an '=' in them are converted to named parameters, even if the '=' is safely embedded inside a nested transclusion.
Minimal test case:
{{echo|{{echo|1=bar}}}}
To fix this, we should probably tokenize the value with appropriate flags and look at the remaining string content instead of the entire string.
Version: unspecified
Severity: normal