What would you do? Rejected for promo

Got rejected for a promotion at work, it was explained to me that my role does not have higher level scope that my performance was great VPs just didn’t see this role at the next level.

To make matters worse we had a reorg which placed us under a different VP, that VP made the decision to reject my promo.

My boss says he just needs time to find more scope and that next cycle it’s a for sure.

I had been working my ass off for years for this.

Looking for a job else elsewhere, would you 8s do the same or not care and wait?