of ... is a preposition and is generally placed before a noun
eg. she is part OF a group. ( a group. the noun preceded by it's preposition)
could ... is an adverb which describes the verb
eg. she COULD be part OF the group ... (COULD describes the verb TO BE)
It follows from the above that the expression:
COULD OF has no sensible grammatical meaning.... (ie. an ADVERB describing a PREPOSITION)
COULD HAVE is an adverb describing the verb (HAVE) which follows it; this has a sensible grammatical meaning.