Traditionally, both spouses called their respective parents-in-law by the same name; for instance, husband called his wife’s parents “Mom” and “Dad” just as the wife did, or else, more formally, “Mom Smith” or “Mother Smith,” etc. Respectful family names, but probably not silly childhood nicknames.
My in-laws-to-be asked me what I wanted to call them, and I said I would like to call them what my husband called them. So they were Mom and Dad to me, while their other son’s wife called them “Bill” and “Mary.”
I don’t know when the first-names custom came along, but I didn’t and don’t like it at all.
Somewhat relevantly, when one of my sons was dating a former college classmate of his, she called me “Mrs. (Lastname).” The other was dating a young woman who worked in a billing office. She never asked, but simply called me “Jeruba.” One was following the custom and courtesy of an academic and familial hierarchy, and the other practiced the egalitarianism of the office workplace, where even a 100-year-old bookkeeper would still be called Gladys.