Welcome to the rat race. Just wait until you get the responsibilities of a manager anyway without the pay increase! Might as well fight for that title...
I was offered a managerial position multiple times and declined it every time saying that it would be a loss for both myself and the company. I'm way more useful in an individual contributor role and a better way to leverage my experience would be to be a cross-team IC and help on the more demanding projects/initiatives.
Eventually, after being vocal about it for a while and actively helping other teams with parts of the system they didn't have experience with, that's what I got. The bad part is that most challenging work often ends up in my lap. The good part is that most challenging work ends up in my lap.
I’ve seen this happen so many times in my career it’s not even funny.