If the firing pin hasn't been modified, about the only thing that will reduce firing pin travel is something between the dry fire stop on the firing pin and its abutment inside the bolt body. If a primer has ever blanked and the piece of primer cup blown back into the bolt it could have gotten back to where it's causing your problem. If that's the case it was likely causing other problems that weren't identified as well.
If you know how to remove the firing pin from a Rem 700 bolt you can remove the 40X firing pin and tap the rear of the bolt body on a piece of paper to collect any "goodies" that might fall out. If no little metal bits come out hose the interior of the bolt body down with brake cleaner or contact cleaner - preferably outdoors.
The firing pin spring could be broken too, but that would be very unusual.
Otherwise take it to a gunsmith.