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I claim that the rational canonical model of the modular curve $X(1) = \operatorname{SL}_2(\mathbb{Z}) \backslash \overline{\mathcal{H}}$ is isomorphic over $\mathbb{Q}$ to the projective line $\mathbb{P}^1$.

Indeed, by work of Igusa on integral canonical models, the corresponding moduli problem (for elliptic curves) extends to give a smooth model over $\mathbb{Z}$. By a celebrated 1985 theorem of Fontaine, this implies that $X(1)$ has genus zero. Therefore it is a Severi-Brauer conic, which by Hensel's Lemma and the Riemann Hypothesis for curves over finite fields is smooth over $\mathbb{Q}_p$ iff it has a $\mathbb{Q}_p$-rational point. By the reciprocity law in the Brauer group of $\mathbb{Q}$, this implies that $X(1)$ also has $\mathbb{R}$-rational points and then by the Hasse-Minkowski theorem it has $\mathbb{Q}$-rational points. Finally, it is an (unfortunately!) very elementary fact that a smooth genus zero curve with a rational point must be isomorphic to $\mathbb{P}^1$.

I did actually give an argument like this in a class I taught on Shimura varieties. Like many of the other answers here, it is ridiculous overkill in the situation described but begins to be less silly when looked at more generally, e.g. in the context of Shimura curves over totally real fields.

1 [made Community Wiki]

I claim that the rational canonical model of the modular curve $X(1) = \operatorname{SL}_2(\mathbb{Z}) \backslash \overline{\mathcal{H}}$ is isomorphic over $\mathbb{Q}$ to the projective line $\mathbb{P}^1$.

Indeed, by work of Igusa on integral canonical models, the corresponding moduli problem (for elliptic curves) extends to give a smooth model over $\mathbb{Z}$. By a celebrated 1985 theorem of Fontaine, this implies that $X(1)$ has genus zero. Therefore it is a Severi-Brauer conic, which by Hensel's Lemma and the Riemann Hypothesis for curves over finite fields is smooth over $\mathbb{Q}_p$ iff it has a $\mathbb{Q}_p$-rational point. By the reciprocity law in the Brauer group of $\mathbb{Q}$, this implies that $X(1)$ also has $\mathbb{R}$-rational points and then by the Hasse-Minkowski theorem it has $\mathbb{Q}$-rational points. Finally, it is an (unfortunately!) very elementary fact that a smooth genus zero curve must be isomorphic to $\mathbb{P}^1$.

I did actually give an argument like this in a class I taught on Shimura varieties. Like many of the other answers here, it is ridiculous overkill in the situation described but begins to be less silly when looked at more generally, e.g. in the context of Shimura curves over totally real fields.