I think it mostly depends on Data's ambitions. Being in a familiar environment with people he was familiar with and still learning probably mattered more to him than a promotion.
We saw in "Redemption II" what happened when he got transferred to the Sutherland.
Unable to "connect" to its crew he was forced to pull rank at almost every moment. Surely he understood that he still lacked certain capabilities to deal with other Starfleet officers than those on the Enterprise-D.
Bob
I agree. In fact, it was almost as if everyone forgot about the possibility of promoting Data. As an android, he probably did not feel slighted by that, but it was very unfair.
If they could have put Data on a ship with other androids, he would have been fine. But, he was practically unique.
He might have fared better on Jupiter Station, where they had a cybernetics lab.