I could not find a reset procedure anywhere. After 200 miles it is now working again.
I had the same issue. Service wanted me to make an appointment and leave it. I used your method and all fixed.This happened to me once shortly after purchase. Called the dealer and service department as clueless. Asked me to bring it in and leave it with them 2-3 hours. Called Uconnect - also useless.
Pushed the Power and Tuning knobs simultaneously for 10 seconds until the Uconnect 5 unit reset and voila! Compass was fixed.