With that perspective, we can derive some rules of thumb:
1. Promotions are not a reward for past performance. Instead, they are a bet that you will contribute more towards those goals with a promotion than without one.
2. As the OP says, if you are demonstrating performance at your boss's level, that's evidence/proof that a promotion is warranted. Your boss's goals get implemented (by you), freeing them to work on their boss's goals (and maybe get their own promotion).
3. The more time you spend with your boss, the better you will understand their goals, and symmetrically, the better they will understand your strengths. That means leaving a job after a year or two is not always optimal. It also means following a good boss to another company is often a good move.
4. There will be cases where the goals of your boss (and their boss) diverge from your own goals. They often want to cut costs, but you want a salary increase. There are never easy answers to this dilemma, but seeing their perspective is useful so you can find a win-win scenario. E.g., if you come up with a way to save money in other ways, such as automating an external cost, then your increased salary will be worth it.
5. In some cases, of course, there is no way to reconcile your boss's goals with your own. Realizing that is useful so you can find a different company/boss that is more aligned.