The Predator 2 ending shows Harrigan killing the lone hunter and then receiving a gift from its own kind. After he cuts off the creature's self destruct device and follows it into the hidden spacecraft below the city, he kills it with its own disc. Other Predators appear, take away the body, and their leader hands Harrigan an engraved antique pistol as a trophy. The film closes with the sense that the Predators will return.
What does the pistol mean? The engraving reads "Raphael Adolini 1715", and in my opinion the likeliest reading is that the hunters have visited Earth for centuries and collect trophies from humans they respect. The film does not spell that out, so it is an interpretation, not a stated fact. It is also a quiet answer to the question of who wins. Harrigan is not rescued or thanked by anyone human, since Keyes is dead and his task force has been wiped out in the slaughterhouse, so the only recognition he gets comes from the species he just fought.
How does the finale compare with the original? In predator 1987, Dutch wins alone and the hunt ends in the jungle with nobody else watching. Here the climax moves through a rooftop chase and then underground into the ship, and the arrival of the cloaked group turns a one on one duel into a ceremony. That shift is the sequel's sharpest creature design choice, because the hunters now have witnesses, rules and a way of honoring a kill.
It could be argued that the ending is the sequel's smartest idea, because it turns the series from one survivor's story into a culture with its own rules. The earlier subway scene sets this up, since the Predator spares Cantrell once its scanners show she is pregnant. Perhaps the most telling contrast with the first film is that this hunter will not kill someone it judges unarmed in that sense, while Keyes, who treats the creature as a prize, dies to its disc. The creature reads as a hunter with a code, and the humans who ignore that code are the ones who pay.