Consider a wavepacket wavefunction describing a particle moving in free-space:
$$
\psi(\mathbf{x})=Ae^{-|\mathbf{x}-\mathbf{x_0}|^2/2\sigma^2}e^{-i\mathbf{k}\cdot \mathbf{x}}
$$
It describes a particle centered at $\mathbf{x}_0$ with a momentum expectation value of $\hbar\mathbf{k}$. Over time, this wavepacket will move with velocity $\hbar\mathbf{k}/m$ (and it will spread out). The probability density, however, is not dependent on $\mathbf{k}$ in any way:
$$
|\psi|^2(\mathbf{x})=A^2e^{-|\mathbf{x}-\mathbf{x_0}|^2/\sigma^2}
$$
So there can be no differential equation which depends on only $|\psi|^2$ and describes the motion of this wavepacket, because $|\psi|^2$ is not aware of the particle's momentum. In other words, $|\psi|^2$ does not encode the 2d information (real and imaginary part) necessary to fully describe the state of the particle.
I'm not all that well versed in the history and underlying justification of the Schrodinger equation, but I believe there is some aspect that people were aware that everyday objects have a position and a momentum. And equations of motion are typically equations for the acceleration of an object in terms of its velocity and position. Therefore, in order to have two independent aspects to the state of the wavefunction, the wavefunction would need two outputs (real and imaginary part), and the Schrodinger equation would need to be a wave equation unlike, for example, the heat equation, which describes the isotropic spread of only one quantity.