That's the opposite of what an apostrophe is normally used for, to show possession. So it's not actually a well thought out use of an apostrophe, as it's completely unclear if it's a contraction or possessive. As I said, this is a badly constructed writing system.

Nobody does invent the rules for English. There are several versions used in different countries, which is generally based on how people use it in everyday life. Eventually the whole it's/its thing will disappear as the language evolves. At least I hope that will happen if idiot language pedants like you fuck off.

Edit: It's been pointed out to me that apostrophes used for contractions are more common than apostrophes used for possession. I still don't think it changes the argument that we shouldn't be using the same symbol for both, or that a language's writing system should be simple and follow the pronunciation.