If the universe simulator can solve iterative problems in O(1), then I question whether our concept of optimization is meaningful enough to it for this discussion to make sense.
There are some physical systems (mathematically, "Hamiltonians") which have this "stateless" property. However, if the time/energy uncertainty principle is true, simulating time T in O(1) cannot be possible in general unless BQP=PSPACE (the unlikely idea that quantum computers can efficiently solve any problem that can be stored in polynomial amounts of memory). See this paper: https://arxiv.org/abs/1610.09619