Hi there,
I'll try to explain what the Snapchat story red exclamation mark is.
HOWEVER
Some people online have also been saying that it means a snap hasn't sent. But I think that only applies to the snaps that you sent, rather than ones on other user's stories.
I've tried to find some pictures to help illustrate what I'm saying, but it's really difficult to find any!
So to sum up: the Snapchat story red exclamation mark is supposedly to warn the user that the story contains content that is unsuitable for children.