And with drums, part of the "mushy" feeling could be the brakes being out of adjustment or the shoes just being old and needing to be replaced.
Just being out of adjustment won't make it feel mushy, but it will contribute to a longer pedal throw before anything happens. Sort of magnifying other problems, like air in the lines or a worn out rubber line that's bulging out under pressure.
You can sort of test the adjustment theory (on the rear brakes at least) by pushing the parking brake down a couple of clicks to see if the brake action improves. If so, then your rear brakes need some adjusting.
Really though, since this truck is new to you, and we never know what evil deeds the PO's have done, you should just use this opportunity to inspect the whole system and replace anything needed.
Brake fluid gets old, front wheel bearings need re-packing, rear wheel bearings need periodic replacement (every 90k to 100k miles) and most PO's (previous owners) seem to never change, adjust, or fix, anything on a Bronco, before they sell them.
So maybe it's time to bite-the-bullet and take some things apart to have a good look-see.
Could turn out to be cheap insurance, if you find something about to fail catastrophically.
Paul