token_entity_info_alter() always ensures a 'token type' is set in entity info:

    if (!empty($info[$entity_type]['token type'])) {
      // If the entity's token type is already defined, great!
      continue;
    }

    // Fill in default token types for entities.
    switch ($entity_type) {
      case 'taxonomy_term':
      case 'taxonomy_vocabulary':
        // Stupid taxonomy token types...
        $info[$entity_type]['token type'] = str_replace('taxonomy_', '', $entity_type);
        break;
      default:
        // By default the token type is the same as the entity type.
        $info[$entity_type]['token type'] = $entity_type;
        break;
    }
  }

Therefore, presumably, this check in token_get_entity_mapping() is redundant:

      $mapping[$entity_type] = !empty($info['token type']) ? $info['token type'] : $entity_type;