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Perfecly good nn; much better than Mickey. I've known so many, I've lost count.

My husband (41) is named Michael and prefers to go by his nickname Mike.
I have an uncle named Michael (70), who goes by Mike and prefers to be called both.

It's ok

I babysat someone 9 years younger than myself so he is 30 at the moment and goes by Mike. I don’t know anyone younger than him that goes by Mike. I like Mike.

I've known or know many Michaels who go by Mike so I think it's still used as a nickname.

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I guess when I look at Michael, it contains the letters of the name Micah so that could be another nickname option. The Russians use Misha or Mishka for their version of the name (Mikhail). Mickey or Mico/Miko is would be other choices.