In the ending of Licence to Kill, Bond kills Franz Sanchez by setting him alight during a tanker chase in the desert, stays with Pam Bouvier, and is offered his old position back by M.
In my opinion, the tanker chase is the clearest statement of what the film is about. The cocaine hides inside petrol shipments, so a convoy of petrol tankers is the organization's lifeline, and when Bond sets Sanchez alight the empire collapses with him. No other fate would have fit, because the fuel that carried the drugs is the same fuel that burns him. Production accounts record that the chase was filmed on the La Rumorosa pass near Tecate, which gives it an open desert road far from the Republic of Isthmus settings built around Mexico City.
The road to that finale is set up by two earlier scenes. Early on, Everett McGill's Killifer takes Sanchez's bribe, and Bond hunts him down and kills him after M has refused to let him pursue the matter. Later, Bond, Pam and Q turn the operation on itself and set the base on fire, with the front institute filmed at the Otomi Ceremonial Center in Temoaya standing in for the Olimpatec setting. By the time the tankers roll, the empire is already burning, and the chase is the personal payoff Bond has been denied since the wedding.
The human ending matters just as much. Bond ends up with Pam and Leiter recovering, so the film closes on the people it has been fighting for, not on a quip. M offers Bond his old position back, which reads as an acknowledgment that Bond was right to go his own way. The quieter point is that Bond did not need his license to do the job, and the film does not pretend there was no cost, since Leiter is still recovering.
The film's place in the series sharpens the point. It is the 16th of the 25 EON films, arriving after The Living Daylights (1987), and it was the first Bond film shot entirely outside the UK, with Pinewood Studios used only for post production. In my opinion, that physical distance from home matches the story: a Bond cut off from M's office and from British soil, finishing the job in Mexican desert. Producer Albert R. Broccoli was also absent during the Mexico City filming, the first time he missed a production in the series, so the film that most strips Bond of official backing was also made without its longtime producer on set.
The franchise carries on with GoldenEye (1995) next in release order. If you want the villain side, the James Bond villains page puts Sanchez in context, and the fact that Sanchez was loosely inspired by Manuel Noriega, with Isthmus based on Panama, explains why his drug empire is drawn as a business with bribed officials rather than a lair.