I've had this problem before. To fix it I drilled out the old threads, coated the hole and a dowel rod with wood glue, and tapped the rod into the hole. I think the key is finding a rod that fits really snug. I let the bass sit for a day, drilled a pilot hole and then screwed in the strap button. I haven't had a problem with it since.
Make dure to use an oak, or other hardwood dowel. 1/4" dowel, placed into a hole drilled 1 size smaller than 1/4", glued, then 1/16" pilot hole drilled down the center of the dowel. Screw will expand the dowel against the body, making it grip the body better than a bunch of toothpicks. I've used this method several times, with alder, mahogany, poplar, & other body woods, never had an issue once repaired using this method.