I can not seem to snap a guide to the handle of a bounding box. Is this not a functionality Illustrator has?
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My personal experience is that nothing "snaps" to the Bounding Box in Illustrator, unless Adobe has implemented something recently.
The Bounding Box isn't a "thing", an "object", an actual piece of artwork. So, with AI logic, you can't snap to something that isn't a guide or an object and the Bounding Box is neither.
If something appears to snap to the Bounding Box, it is because the limits of the selection are at the edge of the Bounding Box, not due to the presence of the Bounding Box itself (Area type is a good example of this).
Now, InDesign does snap to frames which are kind of different, in terms of the logic I suppose, but strikingly similar to AI's Bounding Box.