Since the compass will always point to the worldspawnpoint, your only option is to move the worldspawn to the player you want to point the compass towards. This means it can only point to one player at a time and the pointing is global, meaning everyone sees the same compass pointing.
Java & Bedrock syntax:
execute at @p[<your target player>] run setworldspawn ~ ~ ~
[!NOTE] If a player dies, they will respawn at the world spawn (unless they have an individual spawn set), which this method is moving around.
To avoid this issue, you need to detect when the players respawns to then teleport them to the intended respawn point. In Java edition you can use the scoreboard criteria
custom:time_since_last_deathbut in bedrock you will need a more complex way.
With 1.16 a new functionality has been introduced into the game: a Lodestone Compass. It allows you to point an individual compass to a specific location without the need to change the worldspawn.
The give command for such a compass which doesn’t need a lodestone to work looks like this:
/give @s compass{LodestoneTracked:0b,LodestonePos:{X:-460,Y:64,Z:-701},LodestoneDimension:"minecraft:overworld"}
Now, using data merge we can modify those numbers dynamically. For example, lets say you want to drop the compass to make it point to the second-nearest player, assuming the nearest player is you. The commands for something like that could look like this (using the custom item tag playertracker:1b to identify such a compass):
tick.mcfunction
execute as @e[type=item,nbt={Item:{tag:{playertracker:1b}}}] at @s run function namespace:update_compass
update_compass.mcfunction
tag @p add closest
tag @p[tag=!closest] add target
data modify entity @s Item.tag.LodestonePos.X set from entity @p[tag=target] Pos[0]
data modify entity @s Item.tag.LodestonePos.Y set from entity @p[tag=target] Pos[1]
data modify entity @s Item.tag.LodestonePos.Z set from entity @p[tag=target] Pos[2]
tag @a remove closest
tag @a remove target
data modify entity @s PickupDelay set value 0s
(this assumes that the original given compass has the relevant tags (LodestoneDimension, LodestoneTracked, LodestonePos) already set to initial/correct values, as well as the aforementioned custom tag.)
In 1.17 we got item modifiers, which allow us to modify an item live while it’s in the players inventory, no need to drop it on the floor anymore (if you know which slot it is in).
In this case you follow the process of the 1.16 section above, but instead of storing it into an item entity you for example store it into the command storage and then use the copy_nbt function in the item modifier to copy that data to the item.