Think about your answer, then reveal below.
Model answer: Because ψ is complex-valued and can be negative or imaginary, so it cannot directly represent a probability. The squared modulus |ψ|² is always real and non-negative, and can be normalized to integrate to 1 over all space.
Probability must be a real number between 0 and 1. The wavefunction ψ takes complex values — it could equal something like 3i, which has no meaning as a probability. The Born rule selects |ψ|² = ψ*ψ as the probability density precisely because it is guaranteed to be real and non-negative. The original insight of Born was that ψ encodes amplitude information and |ψ|² extracts the observable probability from it.