Can you take a picture of the console with the yellow ! ?
I’m not sure this is documented.
Is the SD card lock off?
microSDs have no lock, only the big ones.
in theory you seem to have done everything right ... - but
an "!" before the SD card icon means that the SD card needs attention - something is wrong with it (from the POV of the console) ...
green means SD card in, red means no SD
has the SD card been inserted properly ? Did it click, snap in ?
when looking at the console display and the SD card port at the right side:
the shiny card contacts have to show towards you, the card label away from you ....
can you post a photo of the SD card label ? - you already did
EDIT/ADDENDUM:
The "!" indicates that the console has difficulties to properly access the SD card. => either something wrong with the card or it's not properly inserted.
Therefore, format the microSD again - make a FULL format, not a quick format, make sure it's FAT32 and not just FAT
copy user.bin again to the card - and another text file - see if you can open and read the text file from your computer (the text file won't obstruct the upgrade - the console is looking for a file name user.bin or factory.bin - it's for testing purpose only)
if nothing works, try another SDHC microSD - the one you use may not be fully working for a sensitive card reader