Intro to calculate-lisp-indent

A better solution is to override the function calculate-lisp-indent. In brief, calculate-lisp-indent is a function that returns the column to which a line at point should be indented. This function is what informs lisp-indent-function how much each line should be indented. (see also my post on reddit for more information).

Comparison to other Answers

The advantage that this answer has over using Fuco1's modified function is that (1) it fixes the root of the problem which lies in calculate-lisp-indent instead of just cleaning up after the wrong indentation returned by calculate-lisp-indent (2) it generalizes to quoted and backquoted lists (and it works whether they are quoted/backquoted explicitly or with the ' and `. It also works with arbitrarily nested quotes and backquotes.

The advantage this answer has over replacing lisp-indent-function with common-lisp-indent function is it doesn't have the side effect of messing

How it works

This conditional (in calculate-lisp-indent) is what decides whether a sexp is indented like a function or not. What falls into it's else clause is indented like a function. What falls into it's if clause, is indented normally (under the current element). To make it indent quoted lists as data instead of as functions, we need to add more check for cases where the list is quoted in the conditional predicate.

(if (= (point) calculate-lisp-indent-last-sexp)
    ;; Containing sexp has nothing before this line
    ;; except the first element.  Indent under that element.
    nil
  ;; Skip the first element, find start of second (the first
  ;; argument of the function call) and indent under.
  (progn (forward-sexp 1)
         (parse-partial-sexp (point)
                             calculate-lisp-indent-last-sexp
                             0 t)))

This code checks the open parentheses of the sexp that's being indented. If it's sexp with in multiple sexp it checks them all. It returns t if it finds any quoted or backquoted sexps.

(let* ((positions (elt state 9))
       (last (car (last positions)))
       (rest (nreverse (butlast positions)))
       (any-quoted-p nil)
       (point nil))
  (or
   (when-let (char last)
     (or (char-equal char ?')
         (char-equal char ?`)))
   (while (and rest (not any-quoted-p))
     (setq point (pop rest))
     (setq any-quoted-p
           (or
            (when-let (char point)
              (or (char-equal char ?')
                  (char-equal char ?`)))
            (save-excursion
              (goto-char (1+ point))
              (looking-at-p "\\(?:back\\)?quote[\t\n\f\s]+(")))))))

Bonus

If you want any list that starts with a keyword to be indented as data even if it's unquoted, add this as another check to the conditional predicate. This may be useful for macros in which plists are not quoted for convenience such as in defhydra.

(when-let (char-after (char-after (1+ containing-sexp)))
  (char-equal char-after ?:))

Examples

The full code snippet I have posted below works with the case you've mentioned and more. Please try it out!

;; Your example
`(:token ,token
  :token-quality ,quality)

;; Other cool examples
(quote (hi im gosu
        the best vayne player))

'(i am the phantom of
  the opera)

'((angel of music
   hide no longer))

(backquote (past the point
            no return
            ... the final chapter))

`(fee fi fo
  fum)

;; should indent it like a function.
(iamafunction arg1
              arg2
              arg3)

For a more in-depth explanation of how this works, see my post on reddit.

Full Code Snippet

Here is the full code snippet.

(advice-add #'calculate-lisp-indent :override #'void~calculate-lisp-indent)

(defun void~calculate-lisp-indent (&optional parse-start)
  "Add better indentation for quoted and backquoted lists."
  ;; This line because `calculate-lisp-indent-last-sexp` was defined with `defvar` 
  ;; with it's value ommited, marking it special and only defining it locally. So  
  ;; if you don't have this, you'll get a void variable error.
  (defvar calculate-lisp-indent-last-sexp)
  (save-excursion
    (beginning-of-line)
    (let ((indent-point (point))
          state
          ;; setting this to a number inhibits calling hook
          (desired-indent nil)
          (retry t)
          calculate-lisp-indent-last-sexp containing-sexp)
      (cond ((or (markerp parse-start) (integerp parse-start))
             (goto-char parse-start))
            ((null parse-start) (beginning-of-defun))
            (t (setq state parse-start)))
      (unless state
        ;; Find outermost containing sexp
        (while (< (point) indent-point)
          (setq state (parse-partial-sexp (point) indent-point 0))))
      ;; Find innermost containing sexp
      (while (and retry
                  state
                  (> (elt state 0) 0))
        (setq retry nil)
        (setq calculate-lisp-indent-last-sexp (elt state 2))
        (setq containing-sexp (elt state 1))
        ;; Position following last unclosed open.
        (goto-char (1+ containing-sexp))
        ;; Is there a complete sexp since then?
        (if (and calculate-lisp-indent-last-sexp
                 (> calculate-lisp-indent-last-sexp (point)))
            ;; Yes, but is there a containing sexp after that?
            (let ((peek (parse-partial-sexp calculate-lisp-indent-last-sexp
                                            indent-point 0)))
              (if (setq retry (car (cdr peek))) (setq state peek)))))
      (if retry
          nil
        ;; Innermost containing sexp found
        (goto-char (1+ containing-sexp))
        (if (not calculate-lisp-indent-last-sexp)
            ;; indent-point immediately follows open paren.
            ;; Don't call hook.
            (setq desired-indent (current-column))
          ;; Find the start of first element of containing sexp.
          (parse-partial-sexp (point) calculate-lisp-indent-last-sexp 0 t)
          (cond ((looking-at "\\s(")
                 ;; First element of containing sexp is a list.
                 ;; Indent under that list.
                 )
                ((> (save-excursion (forward-line 1) (point))
                    calculate-lisp-indent-last-sexp)
                 ;; This is the first line to start within the containing sexp.
                 ;; It's almost certainly a function call.
                 (if (or
                      ;; Containing sexp has nothing before this line
                      ;; except the first element. Indent under that element.
                      (= (point) calculate-lisp-indent-last-sexp)

                      ;; First sexp after `containing-sexp' is a keyword. This
                      ;; condition is more debatable. It's so that I can have
                      ;; unquoted plists in macros. It assumes that you won't
                      ;; make a function whose name is a keyword.
                      ;; (when-let (char-after (char-after (1+ containing-sexp)))
                      ;;   (char-equal char-after ?:))

                      ;; Check for quotes or backquotes around.
                      (let* ((positions (elt state 9))
                             (last (car (last positions)))
                             (rest (reverse (butlast positions)))
                             (any-quoted-p nil)
                             (point nil))
                        (or
                         (when-let (char (char-before last))
                           (or (char-equal char ?')
                               (char-equal char ?`)))
                         (progn
                           (while (and rest (not any-quoted-p))
                             (setq point (pop rest))
                             (setq any-quoted-p
                                   (or
                                    (when-let (char (char-before point))
                                      (or (char-equal char ?')
                                          (char-equal char ?`)))
                                    (save-excursion
                                      (goto-char (1+ point))
                                      (looking-at-p
                                       "\\(?:back\\)?quote[\t\n\f\s]+(")))))
                           any-quoted-p))))
                     ;; Containing sexp has nothing before this line
                     ;; except the first element.  Indent under that element.
                     nil
                   ;; Skip the first element, find start of second (the first
                   ;; argument of the function call) and indent under.
                   (progn (forward-sexp 1)
                          (parse-partial-sexp (point)
                                              calculate-lisp-indent-last-sexp
                                              0 t)))
                 (backward-prefix-chars))
                (t
                 ;; Indent beneath first sexp on same line as
                 ;; `calculate-lisp-indent-last-sexp'.  Again, it's
                 ;; almost certainly a function call.
                 (goto-char calculate-lisp-indent-last-sexp)
                 (beginning-of-line)
                 (parse-partial-sexp (point) calculate-lisp-indent-last-sexp
                                     0 t)
                 (backward-prefix-chars)))))
      ;; Point is at the point to indent under unless we are inside a string.
      ;; Call indentation hook except when overridden by lisp-indent-offset
      ;; or if the desired indentation has already been computed.
      (let ((normal-indent (current-column)))
        (cond ((elt state 3)
               ;; Inside a string, don't change indentation.
               nil)
              ((and (integerp lisp-indent-offset) containing-sexp)
               ;; Indent by constant offset
               (goto-char containing-sexp)
               (+ (current-column) lisp-indent-offset))
              ;; in this case calculate-lisp-indent-last-sexp is not nil
              (calculate-lisp-indent-last-sexp
               (or
                ;; try to align the parameters of a known function
                (and lisp-indent-function
                     (not retry)
                     (funcall lisp-indent-function indent-point state))
                ;; If the function has no special alignment
                ;; or it does not apply to this argument,
                ;; try to align a constant-symbol under the last
                ;; preceding constant symbol, if there is such one of
                ;; the last 2 preceding symbols, in the previous
                ;; uncommented line.
                (and (save-excursion
                       (goto-char indent-point)
                       (skip-chars-forward " \t")
                       (looking-at ":"))
                     ;; The last sexp may not be at the indentation
                     ;; where it begins, so find that one, instead.
                     (save-excursion
                       (goto-char calculate-lisp-indent-last-sexp)
                       ;; Handle prefix characters and whitespace
                       ;; following an open paren.  (Bug#1012)
                       (backward-prefix-chars)
                       (while (not (or (looking-back "^[ \t]*\\|([ \t]+"
                                                     (line-beginning-position))
                                       (and containing-sexp
                                            (>= (1+ containing-sexp) (point)))))
                         (forward-sexp -1)
                         (backward-prefix-chars))
                       (setq calculate-lisp-indent-last-sexp (point)))
                     (> calculate-lisp-indent-last-sexp
                        (save-excursion
                          (goto-char (1+ containing-sexp))
                          (parse-partial-sexp (point) calculate-lisp-indent-last-sexp 0 t)
                          (point)))
                     (let ((parse-sexp-ignore-comments t)
                           indent)
                       (goto-char calculate-lisp-indent-last-sexp)
                       (or (and (looking-at ":")
                                (setq indent (current-column)))
                           (and (< (line-beginning-position)
                                   (prog2 (backward-sexp) (point)))
                                (looking-at ":")
                                (setq indent (current-column))))
                       indent))
                ;; another symbols or constants not preceded by a constant
                ;; as defined above.
                normal-indent))
              ;; in this case calculate-lisp-indent-last-sexp is nil
              (desired-indent)
              (t
               normal-indent))))))

Final Notes

It is worth noting that this question would be better generalized as how to stop emacs from indenting quoted and unquoted lists as functions.