No, we don’t know why this date was chosen and don’t much care. Memorial Day is the symbolic start of summer fun and Labor Day is the symbolic end. It’s a great bookmark for kids summer vacation (even if many schools start earlier now) for anyone with a cottage, or even scheduling a vacation.
Having a holiday as the “last hurrah” of summer is more important than which date it falls on. Plus we get all the conservatives on our side by saying May 1 is not ‘murican, it’s international, even commie
Edit: I never knew May 1 had an American origin, nor that the first Monday in September was chosen for convenient timing of holidays