If you right click a bed to sleep during the day, but get the 'Your bed is too far away to sleep' message displayed, your respawn point will not be set. The respawn point should be set either way - at the very least, the message should be updated if this is intentional.
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Another thing - during daytime, if you stand at the same distance from your bed, your spawnpoint still sets. #UlrafSundayStream
Additional information: This is only a bug at night. During the day, the respawn point is set even if you would be too far away to sleep.
Ulraf has confirmed in his Sunday stream that he believes this to be a bug, posting this message with his consent.