Plain English Meaning
It's the far end of the holding pattern — the point furthest from the fix, where you finish flying away from it and start turning back toward it.
Full Definition
In a holding pattern, the outbound end is the far end of the racetrack-shaped pattern — the point where the aircraft completes the outbound leg and begins the turn back toward the holding fix. It is opposite the holding fix end of the pattern.
Context Anchor
Seen in holding-pattern diagrams and instructions, especially when learning the standard racetrack-shaped hold with no wind.
Derivation
‘Outbound’ means moving away from a reference point — here, the holding fix. The outbound end is simply the end of the pattern reached while flying away from that fix.