A rank $1$ matrix takes the form $uv^\top$, where $u, v$ are $n \times 1$ column vectors. We have, even for non-square matrices, $\operatorname{Tr}(AB) = \operatorname{Tr}(BA)$. Thus,
$$\operatorname{Tr}(uv^\top) = \operatorname{Tr}(v^\top u) = v^\top u = u \cdot v,$$
since $v^\top u$ is $1 \times 1$, where $u \cdot v$ is the dot product of $u$ and $v$.
Let's plug this matrix into the polynomial:
\begin{align}
uv^\top(uv^\top - \operatorname{Tr}(uv^\top)I) &= uv^\top uv^\top - \operatorname{Tr}(uv^\top)uv^\top \\
&= (u \cdot v)uv^\top - (u \cdot v)uv^\top = 0.
\end{align}
Is this the minimal polynomial? Let's look at the lesser factors of $x(x - \operatorname{Tr}(A))$. Certainly $x$ would not suffice, because then $A = 0$, which contradicts $A$ being rank $1$. On the other hand, $x - \operatorname{Tr}(A)$ will also not suffice if $n > 1$, because then $A = \operatorname{Tr}(A) I$, which is either full rank $n$ if $\operatorname{Tr}(A) \neq 0$, or the $0$ matrix if $\operatorname{Tr}(A) = 0$. (Note also that $x - \operatorname{Tr}A$ is the minimal polynomial in the $n = 1$ case.)