Italy, France. Netherlands, Belgium all have remote colonies. All of which are treaty and/or otherwise constrained.
Italy and France had navies big enough that they could have built carriers (France did, and Italy tried although too little too late) at higher priority before WWII had they so wanted.
It's not a cost issue, its a range problem: The peace time range numbers produced by only running 1 boiler and cruising turbines in fair seas, falls off the cliff when you need to keep all boiler lit and run on main turbine while operating in a seaway. So, you need the foresight to see the problem and have developed solutions. (high speed tankers, replenishment underway, etc)
You need to include the cost of logistical support for your fleet in your total budget. If you can't otherwise afford it, you need to scale down the numbers/size of your fighting ships; having a bunch of harbor queens has limited usability.
Well, CV Graf Zeppelin did have 16 x 15cm guns (would that make her a hybrid?). But how easily can na AMC mission kill your aircraft carrier?? KM doesn't want the opposite of HMS Sydney vs KM Komoran.
I think the GZ was a 'real' carrier, although one with an exceptionally heavy gun armament. As for an AMC surprising and mission killing or even sinking your raider, that's always a risk, sure. Though the carrier could have it's spotter or bomber plane flying close passes to try to recognize the ship, and spot any potential guns to reduce the risk.