I recently picked up a ps1 scph-7501 at the goodwill thats near me, and I want to know what mod-chip I have. Thanks.
Judging by the pinouts (and that it's using 12C508) it appears very likely that it's MM2: Whoever installed it even used many of the same colours as this install diagram.
No problem. It's partial stealth so it will support almost all games minus a few. Unless you have decent soldering skills, I'd probably just leave it as-is. If you were inclined you could install MM3 in there which would add support for a few more games. It's 2015 so the few games that can't be played on it can easily be patched anyways. Good find on the PS1!