Rationalizing the denominator (RTD) (a special case of the method of simpler multiples) is useful because it often serves to simplify problems, e.g. by transforming an irrational denominator (or divisor) into a simpler rational one. This can lead to all sorts of simplifications, e.g. below.
In this prior question is an example where RTD transforms a limit of indeterminate form into a simple determinate limit by way of cancelling an apparent singularity at $\rm\ x = a\ $
$$\rm \frac{x^2\!-a\sqrt{ax}}{\sqrt{ax}-a} = \frac{x^2\!-a\sqrt{ax}}{\sqrt{ax}-a} \ \frac{\sqrt{ax}+a}{\sqrt{ax}+a} = \frac{ax(x\!-\!a)\!+\!\sqrt{ax}(x^2\!-\!a^2) }{a(x\!-\!a) } = x+(x\!+\!a)\sqrt{\frac{x}{a}}$$
Here's another example from number theory showing how RTD serves to reduce divisibility of algebraic integers to rational integers. Consider the Gaussian integers $\rm\ \mathbb I = \{ m + n\ i\ : \ m,n\in \mathbb Z \}.\, $ As in any ring we define divisibilty by $\rm\ a\mid b\ in\ \mathbb I \iff b/a \in \mathbb I\:.\ $ Suppose we wish to know if $\rm\ 2+3\ i\,\mid\, 91\ in\ \mathbb I,\,$ i.e. is $\rm\ w = 91/(2+3\ i)\in \mathbb I\ ?\ $ Now in fact $\rm\:\mathbb I\:$ happens to have a division algorithm which we could apply. But it is more elementary to simply RTD, which quickly yields $\rm\ w = 91\ (2-3\ i)/(2^2+3^2) = 7\ (2-3\ i)\ $ so, indeed, $\rm\: w\in \mathbb I\:.\ $ More generally we can often reduce problems about algebraic numbers to problems about rational numbers by taking norms, traces, etc. In fact this is (roughly) how Kronecker constructed his divisor theory for algebraic integers, $ $ see e.g. Harold Edwards: Divisor Theory.
We can also "rationalize" to base fields in any algebraic extension, e.g. we can "realize" denominators of complex fractions, which lifts "existence of inverses of elements $\ne 0\,$" from $\mathbb R$ to $\mathbb C.\:$ Namely, since $\mathbb R$ is a field, $\rm\ 0\ne r\in \mathbb R\ \Rightarrow\ r^{-1}\in \mathbb R,\:$ so with $\,\alpha' = $ conjugate of $\alpha,$
$$\rm 0\ne\alpha\in\mathbb C\ \ \Rightarrow\ \ 0\ne\alpha\alpha' = r\in \mathbb R\ \ \Rightarrow\ \frac{1}\alpha\, =\, \frac{\alpha'}{\alpha\:\alpha'}\, =\, \frac{\alpha'}r\in\mathbb C $$
Thus $\,$ field $\mathbb R\, \Rightarrow\, $ field $\mathbb C\ $ by using the norm $\rm\:\alpha\to\alpha\!\ \alpha'\:$ to lift existence of inverses from $\mathbb R$ to $\mathbb C.$