My english.stackexchange.com/reputation page informs me that I have "earned at least 200 reputation on 51 days". Yesterday I had a 200+ day, but the most recent day before that was Jan. 13, as evidenced by my rep profile page. Is the system really two months latent? Or is it something weird with the recent rep revolution?
Yesterday would have been your 50th day, as on June 26th you have to subtract the 100 association bonus which does not count (according to the big list of badges). I think you're just playing the waiting game for the badge process to run, unless I'm missing something.
It's most likely, although it doesn't usually take this long for it to run. Maybe you're just unlucky. I'd assume that this badge has the same 10% chance of running that the Fanatic-class badges have.