When Paul says that they had no hope, he does not mean that they were not optimistic about their abilities or about their future. Rather he means that they did not possess the hope that Israel had, which he states elsewhere was the hope of the resurrection (Acts 24:13-15).
The Gentiles were also without God in the world. This does not mean that they were not religious nor that they did not believe in a god or gods, for they had pantheons of gods. This verse is a reminder that other religions do not lead to God.
What a sad picture of the Gentile world. William Hendriksen summarises Paul’s description of the Gentiles as Christless, stateless, friendless, hopeless and godless. As we contemplate these features of deprived blessings and hopeless living, we should remind ourselves that they describe Gentiles today as much as the Gentiles of Paul’s day.