That's why in python that raises a KeyError, or if you use explicitly .get() you can specify anything as your default value.
sentinel = object()
value = dictionary.get(key, sentinel)
if(value == sentinel) ...
Which, sure, it works, but it's working around a problem that didn't need to exist in the first place. Why not just have Option work the way you expect, and be able to contain None the same way as it can contain any other value?