Consider this expression:
; comment
(define (foo) 1)
If I call program-format on that expression with an #:indent of 2, I get this output:
; comment
(define (foo)
1)
But that's wrong, because it ignored the leading indentation of 2 that I specified. The output should be this:
; comment
(define (foo)
1)
Compare that with what happens if I call (program-format "(define (foo) 1)" #:indent 2). The output is: