It's tough. Prior to Vegeta blasting off, no one was like "Vegeta's got this", but coming out the victor against 3 fighters suggests a notable difference. SSJ Vegeta -- at that stage -- had yet to be tested in an all-out gruelling battle, so there was still room for the idea that there might be merit to his confidence. Overall, I think Piccolo didn't have a decisive scale in mind, but sought the more hopeful possibility.