How about both?

If I understand your terms correctly, it may be possible for realities that are not base-level to be optimization-like without being physics-like, e.g. the reality generated by playing a game of Nomic, a game in which players change the rules of the game. But this is only possible because of interference by optimization processes from a lower-level reality, whose goals ("win", "have fun") refer to states of physics-like processes. I suspect that base-level reality be physics-like. To paraphrase John Donne, no optimization process is an island--otherwise how could one tell the difference between an optimization process and purely random modification?

On the other hand, the "evolution" optimization process arose in our universe without a requirement for lower-level interference. Not that I assume our universe is base-level reality, but it seems like evolution or analogous optimizations could arise at any level. So perhaps physics-like realities are also intrinsically optimization-like.