I recently ran into this issue and found a solution.

Essentially you need to use the data extraction term for the relevant part of the smart chip within the formula. For example, I was looking to sum a set of cells IF the reference smart chip cell had a particular name, so I had to add ".name" to the reference range. I found this not to be very intuitive, as I thought the reference should recognize that I was looking for the name or that the specification should be in the criterion section of the formula.

For me, the proper formula was:

=SUMIF(Spring_Cleaning_List[Owner].name,"*Alyssa*", Spring_Cleaning_List[Est workload])

If you're not using a table it'll look like:

=SUMIF(A:A.name,"*name*", B:B)

of course, if you're looking to extract the email or another aspect of the smart chip you won't use ".name", you'll use the relevant extraction term.