Is it proper to use "it's" as an abbreviation for "it has"?

Question

A recent story in the New York Times quotes somebody as writing:

I want the board to hear from Uber employees that it’s [sic] made the wrong decision ...

The [sic] here was in the original, and implies that the usage they're quoting is incorrect. However, it's can be a contraction of both it is or it has, and expanding it out as the latter seems fine to me:

I want the board to hear from Uber employees that it has made the wrong decision ...

Is the NYT being hypercorrect?

Answer 1

The sic does not appear in the article as currently posted by the New York Times. The sentence is grammatical as stands, that is, as quoted. Why a sic was there is beyond the ken of most educated people.