Glue by itself will eventually crack and release the screw.
You need to rebuild the wood in order to hold the screw. Get some good carpenter's glue and a few toothpicks. Apply glue to all sides of a toothpick and insert it into the screw hole. Glue up another one and keep inserting them until the hole is full and you cannot insert another toothpick. Tap the exposed end with a small hammer until they are well seated. Let them dry and then cut off any wood that extends past the body with a razor blade or a fine sawblade. You have now filled the void with 99% wood, which will be able to hold grip the threads on the screw much better than glue alone. Reinstall the strap lock with the smaller screw and you'll probably be good for as long as you own the bass.
You're not flinging your bass around your head on the straps are ya? If so, you're on your own.
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Steinberger NXT5 EUB, MTD 535 Fretless, Tobias Killer B6, 72 Fender Precision
Eden WT500, WTX1000N & WP100, QSC PL230
Eden D410XLT, D410XST, 215, Fender Bassman 10
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