Heh. 5e may have smoothed things out a bit, to be sure, but it (unlike 3e or 4e) also supports a variance of levels within a party - a 10th-level fighter could easily have 100 h.p. while a 7th-level wizard might have 25, and three levels isn't that much of a variance.
First, math I guess..
10th level fighter. (Base XP: 64,000!!!) Avg HP before Con modifier/feats/racial bonuses/etc.
9d10 +10
9*5.5 +10
49.5+10
59.5 = Avg HP before CON mod and other hp sources
Would require Con mod of 4 to even approach 100 HP before any other HP sources (to which a wizard would have equal access). Not impossible with the 3 ASIS by level 10, but would probably require a bit of sacrifice somewhere.
7th level wizard (Base XP: 23,000!!!) Avg HP before Con modifier/feats/racial bonuses/etc.
6d6 +6
6*3.5 +6
21 + 6
27 = Avg HP before CON mod and other hp sources. (Which means to be around 25hp, the wizard would have to have a negative Con Mod)
So, even in this "low variance" hypothetical scenario where one PC has earned nearly triple the XP of the other, it's still unlikely that a party would see the amount of hp differential you describe.
No, I don't. Hit-point die sizes (or fixed amounts) are a straight-up class feature in any D&D edition; and while newer editions allow one to boost stats e.g. Con or take feats e.g. Toughness the underlying base remains the same: that the disparity will grow as the average character level gets higher.
So eventually, to really challenge the fighter is going to require nuking the wizard...unless I-as-DM fudge things so the fighter always gets the toughest opponents or the fireball always happens to miss the wizard, which I'd rather not have to do. Either that, or the fighter becomes indestructible - which I also don't want; I'd rather every character have some degree of mortality to it. (there's a reason each edition has a "sweet spot" in terms of levels of play, and this is in large reason why: at the sweet spot the characters are powerful enough to be fun while still being mortal enough that they have to worry about it).
Bypassing hit points every so often brings the fighter's mortality back into play.
It's all there in your second sentence. "Hit-point die sizes (or fixed amounts) are a straight-up class feature in any D&D edition." You know what else is a class feature? Spells, things that Fighters do not get (or get with dramatically reduced progression, number, selection, and utility). What you are saying is that you'd like to bypass that class feature, with no compensation for the Fighter. Does it make equal sense to you to say that sometimes a Wizard's spells should just fail to function, regardless of enemy saves?
All that is from a game design perspective. It also functions from the perspective of verisimilitude. Wouldn't you expect that lethality be marginally greater for the unarmored, book learned, combat naive character in most any circumstance? (Note that following this philosophy makes the game even more not-fun for Sir Spells-a-lot).
Perhaps to "truly challenge" the fighter, instead of negating the strengths (which the player has made sacrifices to attain), you attack the weaknesses; mental saves, investigations, puzzles, traps, mobility, etc. (which the player has chosen to accept in return for their strengths).