The load factor 0.75 can be interpreted this way using the formula(n/s, the ratio of the number of stored entries n and the size s of the table's array of buckets.):
Suppose you have 75 values that you need to store in hash table and you have 100 empty array blocks to store them in, here the chances of collision is minimized and load factor is 0.75.
Now suppose you have 75 values to store and only 10 empty array blocks(load factor 7.5) this means that you will have collision and employ any of collision resolution techniques which will increase your search time.
Now other way you have 75 entries and 1000 empty array blocks(load factor 0.075) this will lead to a lot empty blocks which is a lot waste of space.
Hence the thumb rule is as the value of load factor grows your search time will increase, and as it goes close to 0 more storage space is wasted.
Hence it is a space time tradeof.