I.e. your storage system has two nodes and there are two read-modify-write processes running. Process 1 acquires the first token "abc" and process two also acquires the token "abc". Now process 1 commits, the token is changed to "cde" and the change streamed to node 2. Due to network delay, the change to node 2 is delayed. Meanwhile process 2 commits to node 2 with token "abc". Node 2 accepts the change because it has not received the message from node 1 and your system is now in an inconsistent state.
Note that this cannot happen in a scenario where we have monotonically increasing fencing tokens because that requirement forces the nodes to agree on a total order of operations before they can supply the fencing token.