I was offered a promotion that was retracted - should I leave?

In short, my boss told me that I would be promoted at my performance review (to a Director role) and subsequently retracted her statement after conversing with HR. She was given the option to externalize my promotion into a role, and took the opportunity and turned it into a job “with objective criteria” that I had the “opportunity to participate in against a rigorous process” rather than a performance discussion where I was told that I was already doing the job and would be promoted in seat. What’s your take, and should I quit? I feel unmotivated now, and like the work I’ve done is being undermined and the work culture is suffering as a direct result of looking for shiny objects in the field rather rewarding strong performance. Would love some input. Thanks!