What is the meaning of the phrase: "He who has no covenant has no religion," and is it connected to the Companions' breaking of their covenants with the Messenger of Allah, may Allah bless him and grant him peace?

The negation of faith or religion from the betrayer or oath-breaker in the hadith: "There is no faith for one who has no trustworthiness, and no religion for one who has no covenant," does not mean a complete negation of faith and religion, but rather a negation of their perfection. What was mentioned has no relation to the hadith, for the Messenger of Allah, peace and blessings be upon him, did not entrust the caliphate to Ali, may Allah be pleased with him. The Companions, may Allah be pleased with them, fulfilled what the Messenger of Allah, peace and blessings be upon him, entrusted them with. What you mentioned are lies of the people of innovation and desires. The Companions were purified by Allah and His Messenger, so the slander of any slanderer does not harm them.