I know that badges earned don't necessarily show up immediately, most likely because of caching or the job that handles them only runs periodically (for example, the pagerank top users page shows only 109 upvotes for me). I also know that the rep we see in our profiles may not be accurate due to users being destroyed, etc.
In this case I waited almost a week since going over the 100 upvote threshold to bring this up just to make sure the above scenarios were not at play. I also verified that I had answered the required amount of non-wiki questions. See below (from my Webmasters profile):
What it boils down to is:
There is a bug somewhere that is preventing the badge from being issued. If so, now you know about it. :)
The reporting in our profiles can be misleading and off by a larger then usable margin. If so, maybe we should consider how to better deal with that so questions like this don't litter the SE meta sites?