So there seems to be a way to do this temporarily in the context menu of a rotated object, but whenever you deselect and reselect it, it always defaults to the ORIGINAL selection box - so if you want the new selection box you have to literally keep cycling that option every time you select the object. In Illustrator there is only a permanent "reset" option...I mean if you're wanting to reset the bounding box I'm sure most people want it to be a permanent change in the selection box.
I think there should be a preference or something to make all reset bounding box selections stick permanently to that object as it does in Illustrator - where it's just permanent by default. I mean the entire reason you reset bounding box after rotating an object is because you don't want the original bounding box that doesn't really match the object anymore.
Powderwombat got a reaction from Cuando in Reset Selection Box