They are marine which makes fire impossible which severely limits industrial advancement. Similarly they are not social animals which negates a lot of the division of labour advantages of a society. While a species of octopus might advance intellectually to ponder its own existence I doubt it could achieve the infrastructure necessary to significantly control its environment.
Don't forget that they only live 1-2 years. 3 tops. I think this is even more limiting than fire. And if evolutionary pressure leads to longer lifespans somehow, they must overcome the whole dying after mating thing.