Hi @S,
I hope you are well today and thank you for your question.
You can remove it without facing any license issue but we encourage you to keep it.
If you still want to remove it then you can do it easily by using child theme solution shared in the following topic that contains some custom code.
https://colorlibsupport.com/t/remove-theme-by-colorlib-powered-by-wordpress/#post-51061
Best Regards,
Movin