That’s what I thought at first. But you could try this, as it worked on 2 out of the 4 websites I tried it on.
Restore to a backup with SR6.7.x installed, before the update to SR7.0.4 happened. It should allow you to do the migration of your modules and prepare them for SR7.
In the Overview, you’ll see Frontend Engine SR6, hover over that and click Switch to SR7 Engine.
After you’ve ticked the popup and confirmed the switch, do a page refresh you should see the modules have migrated.
Then you can update the plugin to 7.0.4, replace the shortcodes with the new ones and they should be working.
Like I said this has worked on 2 out of the 4 sites I have tried it on. One said modules were still not migrated and the other deleted my modules completely. But I just restored to the backup to bring them back.
For me these are old sites and I’ll probably switch to using the in-built slider in Cornerstone at some point.
Hope you have some success.