I like to think of it as an organization that constantly swaps out their agents whenever they died. James Bond was never his birth name, just an alias he was given.
The Bond fan in me can't abide the "James Bond is a codename" theory.
In OHMSS Bond as played by George Lazenby marries Teresa di Vicenzo as played by Diana Rigg. She's gunned down on their wedding day by Blofeld.
In the very next movie Bond is played by Sean Connery and he's after Blofeld for revenge for Teresa's murder. In For Your Eyes Only Bond as played by Roger Moore visits Teresa's grave and actually finally kills Blofeld in revenge for her death.
Additionally Bond as played by both Timothy Dalton and Pierce Brosnan reference Teresa as his greatest personal tragedy.
They're all meant to be playing the same guy.
Also Daniel Craig's Skyfall takes M to his family estate in Scotland to hide out and it's the Bond estate, with the old family estate manager referring to him as "James Bond," but the Craig movies are their own disconnected and self contained continuity anyway. Still, they reference the very personal backstory Fleming crafted for Bond that the Connery, Lazenby, Moore, Dalton, and Brosnan movies built on.
Then there is a surprise animated short on youtube where the James Bond transformer gets shot, glows, and regenerates into an entirely different model of car. Surprise, it's a Doctor Who homage! (I still think if you assume James Bond is a Time Lord it makes the entire franchise a whole lot more reasonable, weirdly).
Now Bond as a Time Lord DOES make more sense. It gets tricky because it goes Connery, Lazenby, back to Connery, and then Moore, Dalton, Brosnan, and Craig.
But given how mucky the Doctor's own timeline is that can be easily explained
