[hash tables have] O(1) insertion and search
I think this is wrong.
First of all, if you limit the keyspace to be finite, you could store the elements in an array and do an O(1) linear scan. Or you could shufflesort the array and then do a linear scan in O(1) expected time. When stuff is finite, stuff is easily O(1).
So let's say your hash table will store any arbitrary bit string; it doesn't much matter, as long as there's an infinite set of keys, each of which are finite. Then you have to read all the bits of any query and insertion input, else I insert y0 in an empty hash and query on y1, where y0 and y1 differ at a single bit position which you don't look at.
But let's say the key lengths are not a parameter. If your insertion and search take O(1), in particular hashing takes O(1) time, which means that you only look at a finite amount of output from the hash function (from which there's likely to be only a finite output, granted).
This means that with finitely many buckets, there must be an infinite set of strings which all have the same hash value. Suppose I insert a lot, i.e. ω(1), of those, and start querying. This means that your hash table has to fall back on some other O(1) insertion/search mechanism to answer my queries. Which one, and why not just use that directly?