Actually, at that moment after they shoot Mapache and everything freezes, it has always looked to me like Bishop is just looking who to kill next to keep this thing going. At least that's my take.
I'll agree that moment is open to interpretation. One fact is clear. Pike
is a killer throughout the film.
We could debate the film and its characters for years. Critics already have.
I'll say this about Pike:
He's carrying a lot of guilt around with him, and the guilt keeps piling up as the movie progresses. He'd already abandoned Thornton years before, escaping while Thornton was shot and captured. He's carrying the guilt of never having avenged the death of Aurora, the woman whose husband caught them together and shot her to death while Pike ran for it. He abandons Crazy Lee at the railroad depot, leaving him to watch the hostages, then be shot to death. He abandons Buck, who's been shot in the face with a shotgun trying to escape the town...the ultimate abandonment, he kills him to put him out of his misery which prevents him from slowing the gang down. He abandons ol' Sykes after he's shot in the leg, using the rationale that maybe Sykes might be able to hold Thornton's gang off long enough for Pike and the others to make their way into Agua Verde.
He
intends to abandon Angel, but his accumulated guilt finally becomes too much for him to bear...and this leads to the final denouement.
So as much as we might like Pike as the good/bad guy (and I
do), the fact is there is very little good in him, other than his determination to hold his gang together and his own personal code of honor, like when he was talking with Dutch about Thornton turning bounty hunter:
Pike: "He gave his word."
Dutch: "He gave it to a
railroad!"
Pike: "It's his
word!!"
In a piece of massive irony, the only people who really benefit from the Bunch's train robbery are the people of Angel's village. They got their guns and ammo.
But
nobody got the $10,000 in gold, because there was no one left alive who knew where Pike and the gang had buried it.
Perhaps it's still there, buried on the side of a little hill, just outside Agua Verde.