Optimism expects a good outcome and can still read the evidence. Delulu assumes an outcome the evidence doesn't support — and, in its modern self-aware use, knows it and proceeds anyway.
Side by side
Aspect
Delulu
Optimism
Evidence
Ignored
Weighed
Self-aware?
Usually, now
Yes
Tone
Playful, absurd
Sincere
Started as
An insult
A virtue
What each one means
Delulu
Delulu is a playful shortening of 'delusional', used for someone whose beliefs — about a crush, a celebrity, a career, an outcome — run well ahead of the evidence — and now often worn proudly, as a badge of stubborn optimism.