Meaning "cause a device to return to a former condition" is from 1847; the intransitive sense of "return to an initial state" is from 1897. Of broken limbs, by 1884. As a noun, "act of resetting; that which is reset," from 1847.
An older verb reset in English meant "harbor or shelter an outlaw or criminal" (c. 1300), especially in Scottish legal language. It is unrelated, from Old French receter, from Latin receptare, frequentative of recipere "to hold, contain" (see receive).