I haven't tested to figure out the exact rules for how it picks them yet. What if you're in another player's online game in a zone you haven't accessed yet in your own game where should it spawn you when you go back to single-player then? It's not going to spawn you so you are stuck in a zone out-leveling you so you can't fight your way to a New-U station. But maybe that save point wasn't a valid spawn location.
Or maybe you were playing at one, then someone joined, walked by a spawn point further back, then you exited before getting to the next one. So which should it choose? And since not every level has a New-U machine, or since maybe you got to the area but didn't find the New-U, it can't spawn you at one of those every time. But take into consideration that there are several 'start of the level' points. I don't have the exact rules figured out for which are and which aren't.
It will spawn you next to the most recent one that is valid. Some are valid for game restarts others aren't. The spawn location after exiting the game and re-entering is sort of based on the save point locations.