What you will need to do is when you define the Select field, select the Return Format as 'Both (Array)'.

This means you can then call your field as a variable and echo the label and value:

$field = get_field('license_type');
$value = $field['value'];
$label = $field['label'];

echo 'Value: ' . $value . '<br>' . 'Label: ' . $label;

Hope this helps.

Try this, which worked for me:

<?php
    $fields = get_field_objects(); // I changed from get_fields()
    if( $fields ): ?>
        <ul>
        <?php
            // I changed $value to $field (i.e. the variable name)
            foreach( $fields as $name => $field ):
                if (stripos($name, 'isbn') !== false) : ?>
                    <li><b><?php echo $field['label']; ?></b> <?php echo $field['value']; ?></li>
                <?php endif;
            endforeach; ?>
        </ul>
    <?php endif; ?>

So referring to the $field in the code, $field['label'] is the field label (e.g. "Book ISBN"), and $field['value'] is the field value. Note though, that the field value could be an array, so simply echo-ing it would (likely throw a PHP warning and) give you a "Array".

See https://www.advancedcustomfields.com/resources/get_field_objects/ if you need help with the get_field_objects() function.

PS: If you only want to get the label of a single field and not all fields (of the current/target post/user/etc.), you can use get_field_object() instead.

From the ACF documentation there are few settings to keep in mind. Do you want both label and value stored or one of them. Do we have default value ? Do we allow null ?

From the documentation Allow Null option - If selected, the select list will begin with an empty choice labelled “- Select -“. If using the Stylized UI setting, this choice will be replaced by a ‘x’ icon allowing you to remove the selected value(s).

Here is an example of a post loop with select field

get_header();
    if(have_posts()):
        while(have_posts()): the_post();
        // If select is array ( value and label)
        $color = get_field('color');
            if(isset($color['value'])):
                var_dump($color['value'].' '.$color['label']);
            endif;

        // If select is label or value
        $color = get_field('color');
            if(isset($color)):
                var_dump($color);
            endif;
        endwhile;
    endif;
get_footer();

For multi select field we need to loop our values.

get_header();
    if(have_posts()):
        while(have_posts()): the_post();
        echo '<div>';
        the_title();
        echo '</br>';
        $colors = get_field('colors');
        if(isset($colors)):
            echo implode(',',$colors); // or use foreach
            foreach($colors as $color):
               echo $color;
            endforeach;
        endif;
        echo '</br>';
        $sizes = get_field('sizes');
        if(isset($sizes)):
            echo implode(',',$sizes); // or use foreach
            foreach($sizes as $size):
               echo $size;
            endforeach;
        endif;
        echo '</div>';
        endwhile;
    endif;
get_footer();

The get_field_object() function requires the field KEY not the field NAME. See docs: http://www.advancedcustomfields.com/resources/functions/get_field_object/

So it should looks something like this...

$field = get_field_object('field_53d27f5599979');
$value = get_field('field_myfield');
$label = $field['choices'][ $value ];

You can find the field key by clicking on "Screen Options" > "Show Field Key" and it should appear next to the field type. See attached animated gif-cast below.