I think that Wells set his story in 802, 701 because he could create a brand new environment so he is able to warn us about being lazy by creating the Morlocks and the Elois. I think that Wells also have other reason that he sets his story so far in the future, such as, maybe he wants us humans to learn from our history and respect every bit of them, Wells also showed that in the story by giving us an example of the Elois: the Elois defeated the Morlocks and began thinking that everything is good and perfect so they won’t need their history anymore.
I think the extremity of the setting made the novel more relevant as a work of social criticism; the setting that Wells created is filled with unknown creatures that are evolved from humans. Let’s look at one of them: the Elois, for example. The Elois were lazy and greedy, so readers could easily think that Wells is trying to criticize lazy human and predicting that lazy human will have bad future.